Insurance can be a minefield for many of us who can get bamboozled by too much jargon and not enough plan speaking plus there is always the risk that you might not understand exactly what you need and the level of coverage required for the peace of mind you are seeking.
You can always ask plenty of questions and learn more from Garrity Insurance, for example, so that you know that you are covered for all your needs. Also, it would be a good idea to get the lowdown on how to separate the myths from the facts, especially when you are arranging something like condo insurance.
Already have coverage?
One of the most common misconceptions with condo owners is whether you need to arrange your own coverage if the corporation that owns the building has a master policy in place.
That may well be the case, but you should be mindful that even if the condo corporation does have a master policy in place it is unlikely that the coverage is adequate for your own personal needs.
Damage to the building and common areas will be covered by a master policy but you should ensure that you have your own policy to protect your personal items inside your own unit.
You can claim for anything that gets damaged or stolen
You should check with your insurance provider to see whether certain items of value are covered by your policy as it could be very costly to assume that everything’s insured.
A good example would be jewelry, watches, or other items above a certain value.
Your insurer might ask you to list specific items of value and may require additional coverage. If you don’t specify these items you might not get paid if they are stolen from the condo.
Ask about water damage
Water damage to your property can be very damaging and expensive which is why you need to check what your insurance covers rather than assume any type of water damage will be covered.
Water damage comes in different forms and sewer backup problems or an overflow situation from a nearby lake are tow instances where you might have to arrange an add-on for this eventuality.
When you have tenants
Another popular misconception amongst a number of condo owners is the idea that your insurance coverage extends to the tenants you have in your property.
Your insurance should cover problems such as damage to the property but your tenant would need to have their own coverage for their personal items
You don’t have enough items of value to insure
If you are wondering whether it’s worth having condo insurance at all because you don’t have much stuff of value in the property, think again.
It should be remembered that your insurance covers more than personal property and if someone was injured inside your property you would be protected from a personal liability claim.
Do you want to take the chance of being out of pocket because you didn’t have any insurance coverage for your condo?