Reasons to Get Condo Insurance

Just like you need home insurance when you buy a home, you are going to need condo insurance when you buy a condo. It is similar to homeowners insurance, though there are some differences. 

That being said, you may be unsure about whether or not you need to get condo insurance. Here are some reasons why you should. 

  • You may be required to get condo insurance if you take out a mortgage for it. Most mortgage companies will require insurance to protect their investment. 
  • It will protect you in case someone gets injured in your condo. Your insurance will cover their medical bills and any legal fees if you end up getting sued. 
  • It will cover damage to your condo itself. It will help to repair your condo if anything happens to it. This can also include damage due to vandalism.    
  • Your condo insurance will also cover your possessions. This will include your furniture, clothing, jewelry, artwork, and other possessions in your condo. 
  • If your condo becomes uninhabitable, it will cover lodging while repairs are made. If you cannot live in your condo, it will cover your hotel or a short-term rental if needed. 

Though you may not want to buy condo insurance, you may be required to. Your mortgage company will want to protect its investment. If something happens to your condo, they may lose their investment. Your condo insurance will also cover any medical bills if someone gets injured at your home. It will cover damage to your condo and everything that you have inside. 

If you want to ensure that your condo is adequately protected, don’t hesitate to contact INW Insurance Solutions in Mesa, AZ. 

Arizona Condo Insurance – What You Need To Know About Condo Insurance

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.

More Information

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.

What Exactly is Condo Insurance?

If you’re living in Mesa, AZ, and would like to know what condo insurance is, INW insurance solutions has you covered.

Condo insurance is basically a cover you would take out to help protect yourself from losses to your condominium that includes water and fire damage, theft, vandalism, and others like this.

The biggest difference between condo insurance and homeowner’s insurance is that the homeowner needs to take a policy out for their entire property while a condo owner can take out a cover for their individual unit.

Standard and Master Condo Insurance

On the condo insurance level, there are two main coverages you can pick: standard condo insurance and master condo insurance.

Master insurance is often taken by the owners jointly to keep the outside surroundings of the units secure. This is necessary because standard condo insurance will only cover the outer walls of the unit it has been taken for and what is inside.

The compound, parking areas, and grounds will be covered by the master insurance.

What Standard Condo Insurance Covers

Standard condo insurance is also called an HO6 policy and usually covers these five areas:

  • Personal property is your personal items- the things you own inside your unit.
  • The dwelling is the unit itself so anything from improvements and repairs to additions and alterations.
  • Personal liability for when accidental harm is caused to others while on your property.
  • Medical payments to others to cover issues that may arise at your place.
  • Loss of use covers additional living expenses in the event your condo becomes uninhabitable.

If you’re purchasing a condo or refreshing your cover and need some help getting robust coverage, INW insurance solutions can be the guide you need to navigate the dense insurance jungle and deliver what you need.

Why do I need condo insurance in Mesa, AZ

Mesa, AZ has a lot going for it. Located in the Valley of the Sun it is about 20 miles east of Phoenix. Owning a condo in this area is popular with year-round residents and snowbirds. Condo insurance is similar in some ways to home insurance but it has some unique components. INW Insurance Solutions is an independent agency that offers over 20 carriers from which to choose. We make buying insurance as easy and carefree as possible for our customers who we consider our friends. 

Your condo association has a master policy that covers some parts of your condo. It also covers the shared areas like halls, elevators, pools, and walkways. How far into your condo it goes depends on the master policy. Familiarize yourself with it before you purchase your insurance to make sure you have the right coverage. The roof and exterior of the building are covered by the master policy. What you need to know is does it come into your condo at all or does it stop at the walls. 

One reason you need condo insurance in Mesa, AZ and any other place is that you have a mortgage. Lenders require you carry condo insurance so their investment is protected. Property insurance will also protect your investment if a covered hazard damages your property. Condo insurance helps pay for a place to stay while your home is being repaired. 

Personal property is all your possession. Imagine not being able to replace your clothes, furniture, electronics, and the things you have accumulated over the years. Condo insurance also provides liability insurance in the event someone is injured while visiting you or by a member of your family even a pet. Being sued is not something you should face without insurance. 

To find out more about condo insurance in Mesa, AZ contact INW Insurance Solutions.

Why a Scheduled Personal Property Endorsement Matters

“Have you seen my ring? It was just here!” One moment you place your item down and the next it’s gone. We’ve all had those heart stopping instances (even here at INW Insurance Solutions). You turn the whole house upside down trying to find your prized possession. Finding it is the ultimate relief, but maybe next time you won’t be so lucky. It could get stolen, damaged, or lost forever which is why it is a good idea to consider an insurance policy for your items.

While your homeowners, condo, or renter’s policy may cover some items for certain situations, a scheduled personal property endorsement can provide total replacement for your specialty items. However, it’s not just for jewelry. It can cover other belongings such as collectibles and memorabilia, sporting equipment, firearms, musical instruments, fine art, and antiques. 

INW Insurance Solutions understands that your possessions are more than just items. Maybe they are gifts from a dear friend or something you worked hard to save up for. By getting a scheduled personal property endorsement, you’re not just protecting your belongings and assets, you’re protecting the valuable significance and cherished memories.  

Call INW Insurance Solutions today to talk us about which items you should endorse, the level of coverage you need, and see how we can help you.

How Condo Insurance Differs From Renters Insurance

Functionally speaking, condo insurance and renters insurance are basically the same thing. The difference is in what they cover. Condo insurance covers your condo, renters insurance covers an apartment or a rented room or other dwellings. Simple as that.

In both instances, all you’re really covering is what’s inside the domicile, your possessions. Your landlord or condo association covers the building itself, and everything on the outside of the building. Most condo associations will have you buy insurance on the building itself through them, or your insurance will be covered by your membership payments, while your condo insurance is usually up to you to shop around for.

There are really no fundamental differences between condo insurance and renters insurance, however, you are far more likely to be required to buy condo insurance than renters insurance. Most landlords will not require you to buy any sort of insurance. Their policy covers the building, and beyond that, you’re on your own. However, many condo associations will require that you carry some form of condo insurance.

Like home insurance, it’s not something that is legally mandated. If you don’t have a condo association or landlord telling you to buy condo insurance or renters insurance, then it is completely at your discretion. But, it is a wise investment.

If you are currently shopping around for insurance for your Mesa, AZ condo, get in touch with INW Insurance Group to see what they can do for you. Remember, the insurance that you hold through your Mesa, AZ condo association only covers the building and property itself. If you want to protect your possessions, call or message INW Insurance Group and get covered.

What Items Does Condo Insurance Cover That The Building’s Policy Doesn’t?

Insurance is a must whether you own a stand alone residence, or you own a condo. When speaking in terms of condo insurance, it is important to understand the type of protection the individual needs to purchase in order to prevent loss of assets and what the building’s insurance covers.

Scope of Condo Insurance Coverage

In most cases, the building will feature liability insurance for the structure itself, including the walls of the condo unit, however, any personal belongings or contents, aren’t usually covered unless prior arrangements were made and payments included in the HOA fees. When selecting a condo policy, it will need to cover major appliances and items of significant value. Keep in mind that these items need to be documented by saving receipts or taking plenty of photographs to help make the claims process faster.

Working With An Agent to Find Condo Insurance

The best course of action when looking for quality condo insurance is to work with an experienced agent. They can help determine what the tenant needs to get comprehensive coverage against a variety of threats to personal belongings. People who live near the Mesa, AZ area, should contact INW Insurance Group to find out what their options are and how to prevent any gaps in coverage that can create losses. 

Begin searching for condo insurance with the assistance of a skilled insurance agent from INW Insurance Group, serving Mesa, AZ, and get the protection and peace of mind you need. Call or stop by the office today to speak with a representative or to schedule a consultation for more details. 

 

Why do I need condo insurance

Buying a condo in the Mesa, AZ area is a major investment. Having condo insurance will give you peace of mind that all your assets and your property are protected against some of the events that can happen in life. If you have a mortgage on your condo, your lender may require you to have an individual condo insurance policy. The friendly agents at INW Insurance Group can help guide you through the maze of insurance coverage that is available.

Exterior coverage

While a condo is your home, the coverage that is needed for a condo differs from the coverage that you would have for a standalone home. Your condo association or the HOA holds a master policy that covers the exterior of the condo. This policy also carries liability insurance for the outdoor and common areas at your location. It is up to you to read this policy to make sure that it is going to protect your investment and what exactly is covered. 

Interior

The interior of your condo is your responsibility to insure. You need to protect your belongings from theft and damage from a covered loss. This includes your furniture and your clothing as well as appliances and electronics.  It also provides liability coverage should someone be injured inside your unit.

Loss of use

This is an important coverage if your unit becomes so damaged that you can’t live there. You need an insurance policy that will pay for you to stay somewhere else while your home is restored.

Owning a condo is unique and the best way to protect yourself is with both an individual and a master condo policy. Stop by the offices of the INV Insurance group if you are a resident of Mesa, AZ or the surrounding area to discuss the individual policy that is best for your situation.

 

When Can You Claim Your Condo Insurance?

Condo insurance protects you from financial losses in case of insured risks such as damage to your condo unit structures and your personal property. In case of a disaster, put more focus on ensuring your safety than on retrieving your valuable property. You can file a claim later. Take pictures of the event if possible and get statements from witnesses if there are any. If you live in Mesa, AZ, you can get quotes for your condo insurance policy at INW Insurance Group. The type and amount of condo insurance you get depends on your specific needs. They may as offer you advice throughout the claim process.

When to Claim Your Condo Insurance

  • If You Lose Your Personal Property

You can make a claim if your personal property is damaged or lost in your condo unit because of insured risks including vandalism, theft, and fires. Personal property may include electronic devices, furniture, jewelry, and clothing.

  • In Case of Liability Claims

If third parties, such as guests, get injured in your condo, you can make a claim. You may also make a claim if you lose or damage their personal property by accident. In such cases, your condo liability insurance will compensate you for their medical costs and the costs of repairing or replacing their property. If they sue you, it will help to pay for the legal charges.

  • In Case of Additional Living Expenses

If your condo unit becomes inhabitable because of insured risks, you may make a claim for additional living expenses. If, for example, your unit is under repair after a fire incident, you may need to stay in a hotel room. Your insurance will compensate you for any sensible costs such as hotel bills.

Contact INW Insurance Group on 480-626-0797 for your condo insurance needs in Mesa, AZ.

Don’t Get Burned by Cheap Insurance

From shopping for insurance to everyday groceries and everything in between, it’s often tempting to purchase the cheapest option. After all, the average American spends $5,261, or 12% of their annual income, on home, health, life, and auto insurance per year according to a NerdWallet study. However, choosing the less expensive product or service often goes hand in hand with sacrificing quality. With INW Insurance Group located in Mesa, AZ, that doesn’t have to be the case. Knowing the difference between inexpensive and cheap insurance lets you shop smarter, make informed decisions, and get the quality you deserve at a price you can afford.

Cheap insurance often means settling for inadequate coverage, or worse, no coverage at all. According to the National Association of Insurance Commissioners, 144 fake insurers sold fake health insurance to more than 200,000 policyholders nationwide between 2000 and 2002, resulting in more than $252 million in unpaid claims. Unfortunately, health insurance wasn’t the only type of fraud insurance being sold. There are still numerous companies selling fake auto, homeowners, and rental insurance today.

Cheap insurance could also mean extremely limited options. Even if you have a trustworthy insurer, extremely cheap insurance often has many restrictions that prevents you from being covered in times of need. In the event of a natural disaster or tragic accident, cheap policies will not likely allow you to rebuild in the future. That’s why it’s so important to find a trusted and reliable insurance company, like INW Insurance Group, to help suit your needs.

To prevent you from being burned by cheap insurance, it’s important to research your insurer to make sure they’re the real deal and read your policy thoroughly. Start thinking about worst case scenarios, and double check that you are covered. What matters most is you know exactly what type of scenarios your policy covers—and those it doesn’t.

When you value something, it’s important to protect it. Avoid the temptations and scams of cheap insurance and let our team of agents at INW Insurance Group help you find the perfect policy that fits your lifestyle and budget today. Because as we all know, peace of mind is invaluable.