Best Condo Insurance is designed to cover your possessions against theft, fires and other disasters. The policy also covers liability and your hotel expenses if you are forced to move because of damage. The policy can pay for the removal of debris if you have been damaged in a covered event.
Understand your needs before you start looking for condo insurance. You should get quotes from multiple insurers to compare coverage offerings and find the best price.
Generally, the best condo insurance companies offer excellent rates, great customer service and useful features. State Farm is one of the companies that offer a quote tool online which instantly calculates your premium based upon the features and coverage you choose.
Recommendations for Condo Insurance:
Most condominium owners have dwelling coverage, which protects the interior of their condo against certain types of damages. It will repair or replace your condominium if it is destroyed in a covered event. This includes flooding and fire.
The amount of coverage will depend on the type of property you have and what your insurance company offers. The standard policy will only pay the actual cash value. This means that you will receive the depreciated amount of your personal belongings at the time of the claim. You can also choose replacement cost, which will pay you the full value of your belongings after a covered loss.
The amount of dwelling coverage that you need will depend on your condo's value, the mortgage balance, and how much is already covered by your condo association master policy. The most commonly used method to determine the amount of coverage needed is the "20% rule", which states that your condo should only be replaced if it is completely destroyed.
It's possible that your condo association's policy includes building property coverage. This would cover the repair or replacement of the interior of your condominium if damaged by a covered accident. This includes built-in wall and appliance fixtures, but does not cover your roof or exterior.
Consider adding an endorsement that will protect your valuables. For example, you might have fine art or antiques that need to be protected.
Most condominiums have personal property insurance, which covers the repair or replacement of clothing, furniture and any other items in case they are damaged or lost. There is a maximum amount most policies will cover for a particular item. But you can purchase riders to allow them to pay more, such as for jewelry or electronics.
Shop around before you buy a policy. You can often save by bundling insurance coverage, increasing your deductible or other measures to reduce premiums. Some insurers offer discounts for installing smoke detectors or deadbolt locks on your doors.