Choosing Proper Condo Insurance For Your Home
Proper condo insurance protects your personal property when you live in a condo. Your home is contained in a large building, but the owner of the building is not required to carry insurance for your personal property. The landlord’s insurance protects their investment in the building, but your insurance protects you and your family. Your insurance policy works exactly like the homeowner’s insurance you would carry for a single-family home.
Condo insurance is valued at the price you paid for your condo. You cannot complete a mortgage closing without your insurance, and you must carry insurance for your personal property. There is a line-item on your policy for your personal property, and the insurance company will complete the claim after a total loss. You do not carry insurance for repairs, but you are responsible for riders to cover expensive items.
Claims for your insurance are filed when there is any damage, loss or theft. The insurance carrier will send an adjuster to your condo after a claim is filed, and the adjuster will send a check for your damages. Each claim is completely independently, and claims on your policy riders will be completed after the claim on your regular policy is completed.
All insurance policies are rated based on the value of your property. Your insurance company will complete a valuation of your property, and you must use the value that your insurance company assigns to your property. You are not allowed to insure your condo for more than it is worth.
You must purchase insurance for your condo when you move in, and the insurance must be in good standing at all times. Your landlord’s insurance does not protect you, and your insurance carrier will help you complete all claims when damage occurs. This insurance is your only protection when you move into your condo.