How to Evaluate Your Condo Insurance Policy Options

Whether you reside in a house or a condo, you should feel that your insurance policy will financially cover you when you need it the most.

Unlike homeowners, condo owners can benefit from their association’s insurance policy. However, it might not cover as much of your personal belongings and your unit as you may think. That is why it is worthwhile to evaluate your condo policy options.

What Is Condo Insurance?

Condo insurance is often referred to as an HO6 policy and generally covers items inside of your individual unit.

Several different repairs will likely be necessary in the event of a disaster, burglary, etc., which is why almost all condo owners opt to get their own condo insurance aside from their condo’s master association policy.

Do You Need to Have a Condo Policy?

You may or may not be required to have a condo insurance policy, depending on your mortgage lender or HOA. However, many home and condo owners purchase an insurance plan to financially protect themselves when accidents happen, whether they are required to have a policy or not.

3 Considerations to Evaluate Condo Policy Options

Before selecting your condo insurance, the following are a few considerations you should evaluate when searching for the right condo policy for you.

#1: Your Budget

You should look at the types of insurance you can afford or want to wiggle into your budget. There are several factors that contribute to the premium for each policy, including the amount of personal property coverage, liability coverage, and the deductible.

#2: Condo Association’s Master Insurance Policy

Your condo association will likely have a master insurance policy, which generally only protects some or all of your unit’s exterior and the common or recreational areas on the property, such as a gym or game room. However, some may cover your unit’s interior walls, appliances, and even your personal property. Evaluate what is covered in your condo association’s master policy before deciding on your own policy.

#3: Your Coverage Needs

You should also evaluate everything you’d like to be covered. Maybe you do not have many personal belongings that are of high value, or you do not feel liability coverage is necessary for you. Set aside some time to evaluate what coverage makes the most sense for your lifestyle, budget, and overall needs.

Shopping for the best insurance policy can easily become overwhelming, between the jargon and the fine print. At GWK Insurance, we understand that having the right insurance policy can help you manage risk when it comes to the most important things in your life. Contact us today to help you find the best policy that meets your needs and your budget.