Many people prefer to live in condominiums because they are cheaper than single-family homes, serve as good starter homes, have excellent rental investments, and share responsibilities with other condo owners and the condo association. For instance, you are not responsible for the repair and maintenance of condo exteriors or any damage in the common areas, such as elevators, lobbies, and staircases.
Condo master insurance policy, like the one available at platforms like http://www.lopriore.com/condo-master-insurance-policy/, provides a combination of liability and property protections providing coverage for common areas.
However, you can’t make a blind decision when choosing the right insurance policy, whether you are the condo owner or a member of the condo association. Here are a few tips to help you choose the right policy.
Know What Type of Policy You Want
A master condo insurance policy can be of three types. Bare walls-in is the basic type that protects the building’s exterior and common items and property structures. The single entity type of policy provides limited coverage for the interiors of the units as well, including wiring, appliances, fixtures, flooring, etc.
All-in policy is a comprehensive master insurance type covering all the structures and properties in the complex, along with unit interiors, upgrades, and fixed appliances.
Check If It Covers Injuries
Apart from the condominium’s physical structure, the insurance policy may also provide coverage to the person who got injured in a common area of the complex, such as the elevators, parking spaces, walking trails, playgrounds, etc. If you have a pool, fitness center, community hall, clubhouse, and if someone gets injured there, then the master policy should provide coverage to the injured person.
Look at the Insurer’s Claim Settlement Ratio
The main aim behind purchasing an insurance policy is that no one faces any financial hassle in times of a mishap. The insurance provider may provide a huge coverage for your property, but it may deny the claim or try to get away by offering you a minimal claim amount when the time comes to make a claim. For this, have a look at the insurer’s claim settlement ratio. The higher this ratio is, the more reliable the policy provider is.
A deductible is money you have to pay before your insurance provider starts paying for your claim. A high deductible plan may be cheap to buy, but it may significantly affect you when settling the claim. Make sure that you are comfortable with the deductible you have to pay out of your pocket.
Take Help of an Insurance Agency
Shopping around for the right master condo insurance policy can be confusing and hectic without the help of an insurance agency. Depending on your needs and budget, agencies will help you choose the right insurance policy that has a good reputation in the market. They may also help you at the time of filing a claim.
It’s best to shop around and compare but to make the final decision, be sure to use the above tips and get in touch with a reliable insurance agency. They will help you make the right selection exactly as per your needs based on their experience and network.