Buying condo insurance is important for condo owners so that they can protect their investment in their homes. At Alliance Insurance Partners, we offer condo insurance in Scottsdale AZ.
The following are three questions you should ask when you’re in the process of purchasing a condo insurance policy
What does my master policy cover?
If you own a condo, you should get coverage from two different policies. Your entire condominium complex should have a master policy. On top of that, you should purchase your own individual condo insurance policy.
The master policy of your unit covers the building itself. However, it probably won’t cover the interior of your own unit. To purchase the right condo insurance policy, it’s important to put research into what exactly your master policy covers.
This way, you’ll know what types of coverage you need from your individual condo insurance policy.
Should I select a cash value or replacement value coverage?
Two main types of coverage when it comes to condo insurance are cash value and replacement value coverage.
Cash value coverage generally offers less coverage than replacement value coverage. That’s because cash value coverage factors depreciation when calculating how much a claim is worth.
What amount of coverage should I purchase?
The amount of coverage you need generally depends on how much your condo is worth. It also depends on the value of the possessions you keep within your condo. Ideally, you will have enough coverage to equal the value of your condo itself and your possessions.
Get started finding a condo insurance solution with our help at Alliance Insurance Partners. We offer condo insurance policies as well as numerous other types of insurance in Scottsdale, AZ.