Congratulations! You’ve decided to move into a condominium in our beautiful state of Arizona. Before you start the process of moving your items into your condo, you should become familiar with condo insurance and what it entails for you and your property. Should you be in the market for condo insurance, INW Insurance Solutions in Mesa, AZ has many options available for coverage.
What Is Condo Insurance?
Similar to homeowners insurance, condo insurance is coverage that protects any items in your condo from damage or theft. Typically, this is a jumping-off point for condo owners as most tenants who have this coverage tend to add more coverage options to the policy, of which we’ll cover below.
Medical Payments Coverage
This form of coverage pays for any medical expenses incurred by visitors to your condo should they get injured while visiting.
Full Value Personal Property Coverage
This addition adds more value to your items while being covered under your policy and will replace items at the full cost of the item versus the depreciated value of the item.
Consult With The HOA
Most condominiums have an HOA or Home Owners Association that they pay monthly dues to. The HOA has to have the final say on any improvements or any changes to the condo while you are living there. Consulting with HOA before any changes are made will also stipulate what is and what isn’t covered under condo insurance in the event of additions to the condo.
Higher Limits, Higher Premiums
As with regular insurance, you can elect to have coverage amounts of any choice, just keep in mind that the higher the coverage limit, the higher that your monthly premiums will be.
You can contact INW Insurance Solutions in Mesa, AZ today to learn more about condo insurance and the options you have as a new condo owner.