Factors To Consider When Choosing A Condo Insurance Policy Provider
Condo insurance is a type of home insurance which offers the level of protection you require for your specific type of dwelling. It is worth noting that unlike general home insurance condo insurance does not provide any cover for the structure itself but generally covers the property contained within the condo unit. To cover the structure, most condos will have a condominium association which covers the structure as well as other common areas which are shared with other units.
The insurance needs of a condo owner usually include liability coverage’s and personal property. Special policies for condo owners normally referred to as form HO-6 will usually provide the personal property and liability a condo owner needs. There are several factors though which one must take into consideration when looking for condo insurance policy.
First and foremost, it is important to fully understand and appreciate what your insurance and ownership responsibilities are in the master deed of the condo associations. This will help you to clearly identify and acknowledge the insurance requirements your association expects from you. Once you know what is expected, you can then go ahead and start shopping for an insurance cover.
Once you have seen what your association is covering, make a point of confirming whether your condo association provides a blanket or comprehensive coverage to protect you against other condo owners who may not have adequate coverage and therefore expose you to external danger.
It is also important to ensure that the policy you want to purchase has some important coverage such as broad water damage coverage such as sewer and drain back-ups. This is very important because research studies have shown that property damage from water and sewers is quite widespread and common in condos and you should therefore ensure that you have that particular coverage.
If by any chance you have some expensive personal items such as furs, jewelry and other household appliances then it is highly recommended that you ensure that you have some additional personal property coverage which will cover these particular items comprehensively.
The market is awash with condo insurance policy providers who offer condo insurance policies; these companies include but are not limited to the following:
1) Company Name: GEICO
Mailing Address: One GEICO Plaza, Washington, D.C 20076
Phone Number: 1-800-841-300
Web Address: http://is.gd/WdekaP
Types of Coverage: there are several types of coverage offered, these include: Fire or Lightning, Smoke, Windstorm, Vandalism or Malicious Mischief, Accidental Discharge of Water, Theft.
Policy Deductible Costs: The higher the deductible, the less you pay for the premium. They have deductibles of $ 250, $ 500 and $1000 they can also offer in multiples of $250
2) Company Name: State Farm Mutual Automobile Insurance Company
Mailing Address: State Farm Insurance, One State Farm Plaza, Bloomington, IL 61710
Phone Number: 800-782-8332
Web Address: http://is.gd/8pggEh
Types of Coverage: some of the coverage include but are not limited to the following: Personal property, loss of use, building property, personal liability, Loss assessment, personal liability, medical payment to others, Absentee Ownership, Inflation, Temporary repairs, Debris removal, Fair rental value, Additional living expenses, temporary repairs, Credit card or bank fund transfer card, Fire department service charge, Volcanic Action, collapse, Locks, Claim expenses, First Aid Expenses, Damage to the property of others etc.
Policy Deductible Costs: A deductible is the amount of money you pay for a claim before your insurance company pays anything. Apart from the vanishing deductible cover, they also offer a $100, $250, $500 and $1000 deductibles.
3) Company Name: Ameriprise Auto and Home Insurance
Mailing Address: Ameriprise Auto and Home Insurance, P.O. Box 19054, Green Bay, WI 54307-9054
Phone Number: 888-239-9953
Web Address: http://is.gd/Io9ocy
Types of Coverage: Losses due to unauthorized credit card use or check fraud, food spoilage due to power failure, lock replacement due to theft, identity theft protection etc.
Policy Deductible Costs: The higher the deductible, the less you pay for the premium. They have deductibles in multiples of $100 and $ 250.
4) Company Name: Metropolitan Life Insurance Company
Mailing Address: MetLife Headquarters, 200 Park Avenue, New York NY 10166
Phone Number: 1-866-482-5546
Web Address: http://is.gd/WBfBdY
Types of Coverage: Personal property you own, legal defense costs from lawsuits, Personal liability, Structures you own, unexpected association loss assessments, improvements made to your unit which are not covered by your association agreement. Replacement cost coverage, Worldwide coverage, water backup coverage, identity protection services, General contractor program etc.
Policy Deductible Costs: The higher the deductible, the less you pay for the premium. They have deductibles in multiples of $100
5) Company Name: Nationwide
Mailing Address: Nationwide Headquarters, One Nationwide Plaza, Columbus, Ohio 43215-2220
Phone Number: 1-877-669-6877
Web Address: http://is.gd/iiU6ij
Types of Coverage: Brand new belongings, dwelling insurance, other structures coverage, contents coverage, personal liability, personal umbrella liability insurance, ordinance or law insurance, flood insurance, earthquake coverage, medical payment to others, loss of use insurance, valuables plus, water backup of sewer, replacement cost plus etc.
Policy Deductible Costs: The higher the deductible, the less you pay for the premium. They have deductibles of $ 250, $ 500 and $1000 they can also offer in multiples of $250.
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