Unexpected events can happen at a moment’s notice, and having insurance coverage can help mitigate the associated financial burdens of these accidents, natural disasters, and more.
However, there are quite a few insurance providers and policies available for Florida condo owners, which can make it challenging when you are trying to find the best condo insurance policy for your needs.
Your condo association will typically have a policy, but that doesn’t mean that it will cover everything you need. Their policy will often provide coverage for the common areas or the exterior of your building but not for your specific unit.
3 Rules of Thumb When Shopping for Condo Insurance
Every condominium association and unit owner has different needs. Here are three things you should consider when you are searching for the best condo insurance for your unit, budget, and overall needs.
#1: How Much Coverage Do You Need?
The first rule of thumb to finding the best condo insurance for your needs is to determine how much condo coverage you actually need. As mentioned earlier, condo associations will typically have an insurance policy in place. However, some coverages can be more robust than others.
Comb through your condo association’s master policy to determine what it covers, and then determine what additional coverage you will need to protect your unit and belongings, which likely include:
#2: Compare the Right Items
There are several items to evaluate when shopping for the best condo insurance, which is why it is important to understand what you should compare when evaluating policies. Instead of shopping for condo insurance solely based on price, you should also compare each policy’s coverage types, including whether it offers:
- All in and all-inclusive coverage
- Special entity coverage
- Bare walls coverage
- Personal property coverage
- Dwelling coverage
The cost of condo insurance is dependent on several factors, such as your credit score, condo’s age, location, claims history, etc. However, the average annual cost is around $625.00, which generally provides around $60,000 personal liability coverage with a $1,000 deductible.
#3: Know When to Get Professional Assistance
It is important to gather several quotes and compare each policy’s pricing, available discounts, and coverages to help you determine the best condo insurance for your needs and budget, which is often easier said than done.
To find the best condo insurance for your needs, it is very helpful to have a reputable, customer-service oriented insurance agency, like GWK Insurance, to help you. We help condo owners and others shopping for insurance by thoroughly researching and providing you with the best possible quotes for your needs and budget. ,Contact us today to learn how we can best help you.