Why You Need A Condo Insurance
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Posted On :
Jan-04-2012
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Article Word Count :
503
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It's never too late to discover condo insurance. As a new condo owner, one of the most critical but frequently overlooked decisions is insuring your new property. Disregarding this might have disastrous consequences.
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Most people have the wrong idea that a typical condo insurance policy insures all liabilities and probable damages inside and outside the walls of the structure. The fact is, they aren't. Because of this, it is important to have a clear idea which areas are handled by your policy and which are not.
There are certain similarities between a condo insurance and a home insurance policy, however they are very different from one another. Under home insurance, the home's structure, buildings, items on the property, and also other stuff kept inside are included in the policy.
However, condo insurance won't include things like shared spaces like pools, lounges, sidewalks, or any structures that's not exclusive to you. These things are often covered by the condo association's policy. Be aware, though, as some organizations will charge you payment for flooring, tiling and fixtures, if you decide not to get a policy.
Most people are not interested in having an insurance plan. Some believe it is too costly while others say there's no need. If you look closely, lacking the right condo insurance often comes as a result of the latter.
There are few things to keep in mind to help you get the best rates while enjoying the most comprehensive coverage possible.
First, take into account the price of your insurance policy. The rate can vary with respect to several factors such as the property's location. For example your condo is located in a place next to the beach. You might get high insurance rates as the place is vulnerable to flooding.
It's going to be a big help should you get several quotations from various companies for comparison. Be sure to take note of terms and coverage that could already be under your condo association's policy.
A condo association plan's much like a homeowner's association policy. Both monitor and maintain common areas. The only difference is the fact condo association fees also cover payment for the organization's liability insurance. Though some association's cover lots of terms under their policies, some owners still prefer to have the individual insurance. This will safeguard your condo, if it was burglarized or if there is interior water damage. While some insurance firms cover the entire unit-from the exterior walls to interior fixtures including floors, sinks, and tiles, there are some which cover less than that.
Find out about personal injury claims included under the condo insurance scheme. If you get injured 100-150 feet from the property, your policy could probably pay for medical costs.
Signing up for a policy also calls for some obligations. Make sure you are capable of meeting those requirements. You might wind up having problems once you overlook them.
Not being able to buy business insurance for yourself and your valuables could cost you in a lot of ways. Think about the advantages since this is a lifetime investment.
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Article Source :
http://www.articleseen.com/Article_ Why You Need A Condo Insurance_128414.aspx
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Author Resource :
Mary recently bought a condominium unit and is hoping to get a condo insurance or buy business insurance.
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Keywords :
condo insurance, buy business insurance,
Category :
Finance
:
Insurance
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