Cover your home in just a few steps
1. Provide Basic Info
2. Select coverage
3. Seal the deal
Answer some basic questions about your home. It’ll help us give you the most accurate quote possible.
Based on your details, we’ll share coverage options from all leading insurance companies.
Once you’re happy with your quote, it’s time to check out. It’s that simple.
What is Condo Insurance?
Condominiums are designed to provide peace of mind living. Also, you need to be aware that not everything is covered by your condo fees.
The condominium association will have insurance for the building, common elements, and possibly some features within your condo unit.
Because not everything will be covered by the condo association’s insurance policy.
You are responsible to ensure your own personal property (called contents insurance).
Also, as any improvements or betterments that have been made over and above a standard condo unit.
It is important that condo unit owners have a condo unit owner insurance policy. So it protects their personal contents, as well as any additions or alterations to their personal condo unit.
You will need to determine the estimated value of your personal content for your own condo insurance policy.
You will want to make sure you have enough insurance coverage.
Many individuals tend to underinsure is they underestimate the quantity and quality of their personal items: – A valuation should be calculated on a replacement cost basis with current market values.
How do I determine the value of items in my condo unit?
When determining the value of items in your condo unit, consider the following examples of personal property items:
- Clothing and shoes
- Appliances (small and large)
- Everyday food, pots, pans, dishes
- Towels, linens
- Furniture, lamps, area rugs
- Personal care items
- Hobby items
- Items in a storage locker
You may need to make special considerations for personal property that have special limits of insurance.
Also, it may need to be protected separately under many condo unit owner insurance policies.
Specialty items such as for example (jewelry, furs, art, watercraft, stamps etc…).
If your specialty items are very high in value (ie. greater than $1,000 each).
It is recommended that you keep the bill of sale and have them appraised every few years.
This will make the recovery and the value determination of the object easier should any incident occur.
If your bicycle is more costly than average or has enhancements.
You should consider getting additional content insurance to ensure proper coverage.
When assessing the value of your personal items it is a good idea to keep an inventory of your personal property in each room handy.
This can be in the form of an electronic list, photographs, or video camera footage.
Ideally, these records should be stored somewhere safe should the unexpected to your condominium unit occur.
Setting an estimated value for betterments and improvements in your condo unit can be another tricky task.
You are responsible to ensure any condo upgrades over a standard condo unit.
We recommend that you talk to an expert condo insurance broker at Reliable to ensure your condo unit.