You never know when disaster may strike in your home. Whether it’s due to a natural disaster or other unforeseen circumstances, condo owners need to be prepared for whatever comes their way. However, buying the right Condo Insurance can get complicated if you don’t know what you’re doing. Read on to discover what all condo owners need to know before they sign their name on the dotted line. Click here for more information.
Check The Master Policy
The term “master policy” refers to the insurance coverage that your condo’s building association has purchased. These days, many master policies simply cover building property, while homeowners are responsible for covering personal belongings. Before you purchase Condo Insurance Jamaica Plain, call your condo association to find out exactly what the master policy covers. Some will have “bare walls” policies that will only cover the structure, and others will carry a “single entity” or “all inclusive” policy that covers everything inside the unit that isn’t personal property. Also, ask about whether condo owners will be billed if the amount of damage to common areas exceeds the master policy coverage amount. If so, look into purchasing loss assessment coverage in case this ever happens.
Purchase Enough Liability Protection
Because your condo association’s master policy likely won’t cover any of your belongings, you’ll need to make sure that you purchase enough liability protection to cover you in case disaster strikes. Before you contact any insurance companies about Condo Insurance Jamaica Plain, take proper inventory of what you have. If you settle for guessing at it, you could end up paying too much out of pocket to replace your items. If you have antiques or other high-value items, make sure that those are scheduled separately so that you won’t be limited in what you can get for them. Finally, it’s better to choose replacement cost coverage over actual market value since the latter will only provide the cash value of the particular item.
As you begin to shop for Condo Insurance Jamaica Plain, contact an independent insurance agent who will get to know you personally so that they can help you meet your insurance needs while saving the maximum amount of money. If you’re in the market for condo insurance, get in touch with the team at Sawyer Insurance Agency Inc. Jamaica Plain to find out how you can get assistance with selecting the policy that will give you both protection and peace of mind.
