Some people do not understand the value of condo insurance. In general, condominium owners own their condo units outright. At the same time, they have a shared interest and ownership in the amenities the property offers, such as hallways, pools, fitness centers, etc. Most condo associations collect a monthly Home Owners Association (HOA) fee, which is used, in part, to insure the common areas. But everything within the four walls of your unit is your responsibility to insure.
There are some things you have to decide when looking at condo insurance. First, you need to decide just how much coverage you need. Consider the value of interior structures in the condo, as well as the value of any recent upgrades you have made – for example, new flooring or new countertops that you have just installed.
You also have to decide whether to go with cash-value or replacement-cost coverage. The names of these types of coverage are relatively self-explanatory. You are paid what the item is currently worth at the cost-value range. For example, if you lose a three-year-old TV due to a flood in your apartment, you will be given a check for the amount it is worth after three years of wear and tear.
If you have questions about which type of condo insurance is right for you or want to purchase condo insurance, contact the experts at Lock Insurance today. Our agents will help answer any questions and allow you to acquire insurance so you can breathe easier in your home.Continue Reading