Breaking Down the Jargon on Condo Insurance

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Breaking Down the Jargon on Condo Insurance

As the leading company for Condo Insurance West Palm Beach we know that it can be a confusing part of owning a condo. The insurance that your condo association has in place may or may not be adequate for your needs and the only way to find out is to do a little digging. We will help you work through what you have so that you are covered for all eventualities.

Here is why you really need to make sure that you have condo insurance-

Your lender may insist you have it

When the price of condos feel like a stone after the financial crisis of 2008, lenders found themselves massively overexposed with condo ownership. Their reaction to all of this? Many lenders now insist that you have insurance to cover your condo in case something goes wrong. Check with your lender for minimum amounts and makes ire that you are covered, but you don’t have to stop there. The amount you need will depend on what you have in your condo.

The building may be covered – what about your possessions?

The insurance that many condo associations put in place will cover the building should something happen such as a fire or storm damage. But the belongings that you have inside your condo are often not covered. If this is the case then you need to make sure that you have adequate cover for all that you own. Leaving your possessions uncovered is a risk that you should not be willing to take.

Your possessions should be covered so that if your condo-

  • Catches fire
  • Is subject to a burglary
  • Is damaged in another way

Then you can claim for your contents as well as the building.

You may have made changes

The insurance that your association have bought will cover the basics of the building – pretty much the walls, floor and ceiling. But your condo is about so much more than that. You may have had a new kitchen or bathroom installed and this needs to be covered. If you are unsure about the amount of cover then you need then get in touch as we are the leading company for Condo Insurance West Palm Beach.

The threats are greater

Living in close proximity to others means that there is a greater chance that something that affects their condo will also cause you a problem too. An overrunning bath, a fire from an unattended candle or a spate of burglaries may well mean that your condo gets caught up in the problems ad you need to make a claim. Having the right condo insurance stops you from having to put your hand in your pocket at a time like this. Look after your condo with a quality condo insurance policy.

We are here to help with all your Condo Insurance West Palm Beach needs. We look at the block policy that your association has in place and then we make sure that you have cover that does not leave you exposed.

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