What to ask of the master policy to establish your condo insurance needs

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What to ask of the master policy to establish your condo insurance needs

It can be great to won a condo. Without having the hassle of looking after a garden it can be a home that a lot of people really warm to. It suits the second home owner, the person who works long hours or the retired person down to the ground. But one area that causes a headache with a condo is the insurance. Each association has different rules and buys in different policies. This means that you are never quite sure what you are covered for and what you are not. Here are the questions that you need to ask of your master policy so you have the peace of mind that you are covered.

Does it cover me for all I need?

A master policy will cover the structure of the building and is bought by the association on behalf of all of the condo owners. But there are two main types of condo master policy and you need to know what you are covered for-

  1. An all-in policy will cover you for the walls, floors, ceilings, fixtures, fittings and any alterations you have made. This policy will give you better cover and you may only need to look for a small top-up to cover your possessions and any upgrades such as a new kitchen or bathroom.
  2. A bare walls-in policy covers only the walls, floor and ceiling so everything else remains without cover. If this is the case then you need to lo0ok for a policy that gives you cover for those granite worktops or that new shower you has installed.

What is the deductible?

We help people to save on their West Palm Beach Condo Insurance by looking at every part of their master policy. The deductible is the amount of any master policy claim that you as an owner will have to pay. The amount is divided by all of those affected by a claim but these can run into the hundreds or even thousands of dollars. Check out your deductible to see if a master policy claim could leave you with a nasty bill.

Is there enough coverage?

There is nothing to say that the master policy covers you adequately in the event of a claimable event. The worst case scenario is that a fire destroys the building and you need enough cash to have it rebuilt and find all the owners someplace to live in the meantime. Make sure that you have all the cover you need.

Does it cover cash-value or replacement-cost?

One of the questions we are asked when arranging West Palm Beach Condo Insurance is what the master policy covers. The difference between these two can be thousands of dollars. Why? Well take a look-

  1. Cash value policies will cover what the insured item is worth at the time of the event. It is the value minus depreciation over time. For example a 5 year old TV will be replaced for would cost to replace second hand.
  2. Replacement cost policies cover what it will cost to replace the items lost. The same TV would be new for old in this policy.

As the number one choice for West Palm Beach Condo Insurance we know that you want as much information as you can about your master insurance policy for your condo. If you need someone to confirm what your coverage is or to look for a policy to cover all that you need then get in touch with us today.

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