You should consider getting condominium insurance to cover your property against incidents of robbery, fire, vandalism, among others. However, to ensure you get the right insurance cover, you have to extensively research your options and learn more about condo insurance.
More so, getting an insurance policy without enough coverage can bring unnecessary complications. For one, you might end up violating your mortgage loan stipulations. Hence, you have to exercise due diligence besides considering the following factors:
What Are Your Responsibilities Toward the Condominium Association?
First of all, you have to take into consideration your responsibilities toward the homeowner condominium association. Moreover, you should realize that you may have to meet various costs as part of your obligations, and this may include your property and the entire building.
In case you find what, you have insured is not adequately covered for one reason or another, you should opt for a blanket policy to mitigate against the event of unforeseen occurrences.
Protecting Personal Items
Indeed, you may have to take into account all the personal items that you have in the property. As such, some expensive possessions like jewelry and art pieces may not have condominium insurance coverage.
Regardless, if you want to protect your property from theft or damage by natural causes, you also have to take into consideration a rider on the policy—thus making it easier to specify the value of each valuable item.
Also, you have to place value in the participation of other owners in the homeowner’s associations since everyone’s involvement is relevant to make the coverage effective. Nevertheless, some specific situations may instigate building owners to obtain their own personal condominium insurance. Such an initiative may arise because of a need to deal with a particular concern that may ensue in the building.
And in such a situation, should one owner be unwilling to keep his end of the bargain, then a lapse would emerge. For that reason, it’s prudent to provide for another blanket policy to cover such incidents.
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!
Robert 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. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.