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.