Condo insurance is essential for protecting the personal property within your unit, as well as any improvements you’ve made. While your condo association’s insurance covers the building and common areas, it doesn’t extend to the personal contents or upgrades in your unit. As a condo owner, you are responsible for insuring your belongings, such as furniture, electronics, and clothing, as well as any custom additions to your unit. It’s crucial to have a condo unit owner’s insurance policy that adequately covers these items. Many individuals tend to underestimate the value of their possessions, which can lead to underinsurance. To avoid this, it’s important to calculate the replacement cost of your personal items based on current market values.
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When calculating the value of your belongings, consider everyday items like clothing, appliances, electronics, and furniture. You should also include specialty items, such as jewelry, art, or watercraft, which may need additional coverage depending on their value. If any item exceeds $1,000, it’s recommended to keep a bill of sale and have it appraised regularly. For high-value items, you may need separate coverage under your condo insurance policy. Creating an inventory of your personal items—through an electronic list, photos, or video footage—can also help ensure that you have accurate records in case of a loss.
By securing the right condo insurance, you can enjoy the benefits of condo living without the worry of financial loss or liability. A Safebound Insurance Brokers can guide you through the process, ensuring you have the protection you need for your unique situation.
Determine what is covered by the association’s insurance and where your responsibilities begin.
Evaluate the value of your personal belongings and the cost of any improvements or betterments to your unit.
Work with a knowledgeable insurance broker who can help tailor a policy to your specific needs and ensure adequate coverage.
If you own high-value items, explore additional coverage options for specialty possessions like jewelry, art, or sports equipment.
We’re happy to answer any questions you may have and help you determine which of our services best fit your needs
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