Home Insurance

What You Need to Know About Condo Insurance

Posted by on Sep 13, 2016 in Home Insurance, Uncategorized | 0 comments

What You Need to Know About Condo Insurance

As a homeowner, obtaining a good home insurance policy that protects your assets is one of the essential costs related to purchasing a home. But if you own a condo there may be some additional considerations you need to be aware of when selecting the policy that’s right for you. Here’s what you need to know about condo insurance. Content Coverage Living in a gated community or secured building, as most condo complexes are, may give you a false sense of security. If your condo insurance does not cover your unit’s contents from theft and other damage you could be leaving a huge gap in your coverage. Also, if you own valuable items such as jewelry, antiques or firearms your content coverage may not protect the full value of these items and an additional rider may be necessary. Condo Association Coverage Another issue to consider is whether your Condo Association has blanket coverage that will protect you from damages that may be caused by other condo owners who do not have liability insurance, or have limited coverage. Since condo owners pay fees that include a number of shared costs, such as property maintenance and some utilities, insurance should be offered by your Condo Association to protect you in these cases. If yours does not, you may want to check out ways to include it.  In most cases this type of shared coverage will cost each owner less than individual liability insurance and will keep all condo owners protected. Ownership Issues Since the actual property ownership of condos includes both private and shared property, condo insurance must cover both. In the case of shared property, the major concern is liability insurance that will cover any damage that may be caused by your negligence or an accident that would damage shared property or the property of another condo owner. Earthquake Coverage It’s important to know whether or not your association has an earthquake policy, what the deductible is, what the policy covers and what it doesn’t cover. Request a copy of the policy annually from the association’s management company. Lender Requirements Most lenders have specific requirements when it comes to condo insurance and will periodically request a copy of both the blanket coverage and your individual policy. It’s important to comply with their request and provide the proof they’re asking for, otherwise they might place coverage for you which is quite costly. These are the basics of what you need to know about condo insurance. For more information or to receive a no-obligation quote, give us a call today –...

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Under What Circumstances Should You File a Homeowners Insurance Claim?

Posted by on Jul 28, 2016 in Home Insurance | 0 comments

Under What Circumstances Should You File a Homeowners Insurance Claim?

Under What Circumstances Should You File a Homeowners Insurance Claim? Whether it’s damage due to a natural disaster or an unexpected accident or break-in, knowing when you should file a home insurance claim and what the consequences will be either way, is important.  So when should you file a home insurance claim and what will that mean for your future rates?  Here are some things to consider before contacting your insurance company. Assess Your Options The first thing to consider when making a home insurance claim is whether your current policy will cover the claim or not.  You should know exactly what your insurance covers before you ever need to make a claim; however, checking on the specific claim you are going to make-before contacting your insurance company-will give you the upper hand. Once you have determined whether you are eligible or not, the next thing to consider is whether a claim is necessary.  There may be instances when the deductible for your particular claim is higher than the costs, and in that case a claim would be a waste of time.  You may also want to consider if the overall cost is worth any potential rate increases that may result from a claim. Contacting Your Insurance Company If you do decide to make a claim, arming yourself with all the necessary information will make the process go quickly and smoothly.  Be sure you have all your insurance policy documents readily available, as well as any documents that relate to the claim-repair estimates, police reports, and photographs.  It is also a good idea to keep track of all contacts with your insurance provider, in case a dispute occurs. In most cases, making a claim on your home insurance is a good idea.  Keeping calm, organized, and informed can make the process stress free as well. For more information, give us a call at:...

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