Whether you live in a traditional house or own a condominium, the right insurance policy can protect you from liability, accidents, and unexpected problems with your home. Despite the similarities between the two, condo insurance is its own distinct class of policies protecting condo owners from hazards unique to living in a multi-family structure. Before you decide on a provider and pick a policy, ask your agent these questions:
How Much Coverage Do I Really Need?
The amount of coverage you need will vary based on what you’re keeping in your home, any outdoor storage areas you use, and the details of the condo association’s master policy. However, you’ll want to purchase enough coverage to fully replace your belongings and furnishings in your home. This includes flooring, cabinetry, bathroom facilities, and even light fixtures. No two policies will be identical, but your agent will be able to help you find the right coverage for your needs, regardless of what other residents purchase.
Is Cash-Value or Replacement Coverage Best?
Cash value may seem like a good investment when shopping for condominium insurance, but it’s not ideal for most condo owners. Cash-value policies only provide coverage based on the total value of the items at the time the policy is purchased. Any depreciation will be factored into the settlement should you need to file a claim. Instead, opt for replacement coverage. This way, your insurance provider will have to pay for a full replacement at current market value in the event of a fire or other catastrophic loss.
Do I Need Supplemental Policies?
Like homeowners’ insurance, condominium insurance does not always protect your home from every possible threat. In fact, most policies will not protect you from flood damage and finding insurers willing to cover homes in a hurricane-laden area can be tough. You may want to purchase additional policies to protect your home and your belongings in the event of a severe storm or simply to fill in the gaps left by your standard condo coverage. At Oyer, Macoviak and Associates, we’ll help you determine which coverage you really need.
If you would to like to discuss your options for condominium insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.