Date Posted: 2012-06-19 03:26:00
Site Posted: Myproperty.ph
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Insuring a condo is just as important as insuring a house, since emergencies can happen to anyone. Your condo association may insure the building itself and the common areas, but they won’t be liable for any damages that happen to your personal belongings, such as water damage and burglaries. Narrow down your search for the best condo insurance for you with these tips.
1. Ask your condo association about the insurance that covers the condo itself. Part of the condo association fees goes to the insurance of the complex, and owners are asked to buy insurance for the interior of their own units as well as their possessions. There are some condos, however, that let unit owners buy insurance from the association itself, often even offering the coverage at a lower rate than if they were to buy insurance from a different provider.
2. Be sure that the insurance you find only covers your unit and your belongings. If your policy also covers the exterior of the condo, it would be a duplicate of the condo association’s existing policy, and you’d be paying more than you should.
3. If you are buying a condo for sale that is yet to be finished, make sure that you get insurance when the unit is almost completed. Also, because the insurance provider will be conducting an inspection of the property to be insured, make sure that the unit is in excellent condition so that the policy you get will cover structural equity and your valuables.
4. You can get a discount by obtaining multi-line coverage from the same provider. If you buy condo insurance along with other types of insurance, such as life or car insurance, you are guaranteed to get lower condo insurance rates.
Never settle for the first provider you find. Scout for several condo insurance providers and determine which of them offer the best terms and the lowest rates before you choose one.
Jillian Cariola, Writer
(cover image by Khaki)
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