Condo or Condon’t – Condo Townhome Insurance HO6 policy

Condo or Condon’t — Condo Insurance

condo insurance

You’ve taken the plunge and opted for condo or townhome life. Now that the papers are signed, it seems like everything is taken care of for you—building maintenance, roof repairs, landscaping, insurance, etc. It’s time to relax because everything is covered, right?

Not quite. The insurance policy provided by the condo association covers the building structure and common areas, but what about potential structural damage to your unit and covering your belongings? Are your contents and liability covered?  Do you have enough loss assessment coverage?  Is your policy wall to wall or?

Without a personal condo insurance policy, you could be left high and dry if your unit floods, is damaged in a fire, etc.

Many associations in an effort to keep prices down have taken policies with large association loss assessment deductibles – most likely your association has a large deductible and reduced coverage. Sadly, because the vast majority of residents don’t review or understand their policy they won’t find out they have large gaps in their coverage until claim time.

Most condos need two insurance policies.

Master Policy: Generally provided by your condo association, this policy covers the physical structure of the building, including basement, roof, walls, elevators, lobbies, etc. Coverage usually includes both physical damage and liability. Get a copy of the policy so you know what’s covered.

Personal Condo Policy: This will cover additional structural damage to your unit, including cabinets, appliances, personal belongings, and more. This also covers living expenses if you fall victim to a fire, theft, or other covered disaster. Many insurance carriers offer enhancements that include personal property protection in your condo insurance policy. Policies with full Value Contents protection will pay the full replacement cost of your belongings, not just what they are worth today. Sometimes the difference between a policy with great coverage and a policy with little coverage is $10-$60 – which seems like a real bargain at claim time.

Other coverage to consider:

Umbrella Policy: If someone were to trip and fall inside or near your condo, they could sue both you and the condo association. Umbrella provides additional layers of liability protection and can protect against lawsuits that target both your current and future earnings.

Flood insurance: Read the fine print on your policy. They often won’t cover damage due to these disasters. Additional coverage may be required if you live in a prone area.

If you’d like a review of your policy please call 612.460.7796 and speak with a condo insurance specialist.

Reference: Sea Pines real estate.

Does Having A Home Security System Lower Homeowner’s Insurance?

 

Homeowners Insurance 612.460.7796

These tips are brought to you by The Minneapolis Insurance Specialists Team…333 Washington Ave. N Ste. 300

Yes, it generally will get you a discount.  Many of the home security systems available have come down in price and makes sense to have in your home.

In the process of delivering the best quote for home insurance, home insurance specialists ask about smoke detectors and security systems in your home. Most insurance companies offer some sort of discount for those homeowners who have security systems. Here are few of the different kinds of security systems that can help reduce your home insurance costs.

1.    Outside lights- Set these up on timers so they come on even when you are gone. Also, motion detecting lights are an excellent deterrent and can be     installed at a low cost.
2.    Cameras are also a good deterrent.  Place cameras around outside doors and your yard. Many home improvement stores offer cost-effective products.
3.    Alarms are always a good idea. Alarm systems that are connected to a central station will yield the best discount.

4.    Controlled access to building.

 

Other Home Insurance Credits

Most insurance companies offer many types of discounts for homeowners. We are committed to keeping up on all these discounts to make sure you are getting the best coverage and price. Some of these discounts can include:

1.    Secured entry and over 55 communities
2.    Community security
3.    Updates in wiring and/or plumbing
4.    New roof
5.    No claims
6.    Non smokers – The No. 1 cause of home fire fatalities in the United States is smoking.   Smoking caused 16,000 residential fires in 2012, killing               over 500 people and causing $376 million in residential property loss. Source- U.S. Fire Administration
7.    Senior citizen discounts- If you are over 55 and retired you may have discounts waiting for you.
8.    Sprinklers- Many new home building codes require sprinklers. These can be expensive but will provide home insurance discounts.

9. Credit and insurance score has a large impact on rates.

10. Longevity credits

We have connections to the best security system suppliers. Credit repair people, the best mortgage professionals and contractors we insure and trust. Check our trusted resource page for recommendations and possible discounts for our customers.

The Minneapolis Insurance Specialists Team, Minneapolis, MN will work hard to find you the best possible combination of coverage, price and service. Please call us today at 612.460.7796 or fill out the easy online form or chat for a free quote!

Condo Insurance and FAQ 612.460.7796

CondoInsuranceMPLSCondos are popping up all over Minneapolis, all of them are different. The associations and condo insurance policies can be vastly different too.

Minneapolis was the fastest growing city in Minnesota in 2014 this was the first time in around 100 years and 2015 looks to repeat.  Minneapolis is the largest city in Minnesota and growing again.

Much of the growth has been downtown and condos. There are over 35,000 residents living just downtown. If you are thinking about moving into a condo or have recently moved into a condo, you probably have a lot of questions about the complex that you have gotten into and about things such as affordable and the right condo insurance coverage. Though not all of these questions can be answered because each condo will vary, the basics of learning some of the rules of your condo complex is actually not that difficult to do.

 

You’ll want to look at or better yet – have your insurance agent look over the condo associations master policy.  Are just the contents and liability covered?  These policies vary and you’ll need to know things like what is covered and what the associations deductibles are and how much loss assessment coverage you’ll need on you HO6 policy “condo and town home policy”

You’ll also want to read the bylaws they are all different too. If you want to determine the answers to questions like whether or not pets are allowed?  Are rentals allowed? Are there are designated parking spaces in your condo complex?

Learn the Rules Before You Buy

Condos are like snowflakes, all of them are different. Of course, this is not to the same degree, but it can be said about the rules that are found in each individual condo complex and they can impact your condo living experience.  Condo insurance policies vary too and even though they are generally less expensive than home insurance policies they are often the most improperly insured.  Don’t just assume the associations bylaws and insurance policies are the same.

Consider all Your Insurance Options

You can receive a discount on your premiums if you package your car and condo policies together same insurer.  You will likely be offered condominium insurance coverage through the company that insures the whole building. While this may be useful to make sure all gaps are covered as they know the policies – you’ll still want to make sure your contents and liability limits are adequate.

The buildings insurer may be more expensive and their autos may be more expensive.  So, it’s best to have a local independent agent look over the hazzard insurance policies and run some quotes.  Most condos and town home master policies are written by captive agents who represent only one company.

There are ways to get your insurance lower by paying a higher deductible will lower premiums, as will allowing your provider to deduct your payments from your checking account. New safety and security devices in your unit can make you safer in your home while lowering your rates.

For more info on the available and various condos in Minneapolis

For a condo insurance quote or questions call 61.460.7796 and speak with a downtown condo insurance specialists.

 Insurance Quotes MPLS Condos