| By :
Marilyn Katz
Do you need to insure a condominium unit? While you are a home owner, you may find that your insurance policy is a little different than the renters or homeowners policies you were used to buying. In some ways, it is similar to these types of home insurance. But it is important to understand how it is different. Most condominium complexes are run by a management association. Examples of common areas could be a boat dock, pool, or playground. The management association will carry the coverage on common areas. So this means that your own policy only needs to cover the actual structure of your unit. This could be the internal walls, window treatments, or floor coverings. In the case of some sort of damages that ruin the unit and a common area, the two policies would have to work with each other. Of course, a typical homeowners policy covers more than just the actual building. You also own property that you keep inside your unit. Your home appliances, clothes, and electronics are some examples. A condo policy, like any home insurance, should protect your home contents against damage or a theft. Beyond that, there may be liability insurance in case a visitor claims damages. This usually only covers personal visitors, and a normal policy may not cover any visitors that come in case you conduct business at home. If you do conduct business in your condo, you will want to mention that to your insurer to make sure you are properly covered. You may need an additional rider or business policy to cover this. One last thing you may want is relocation insurance. If you must move out of the unit while it is being repaired, it is good to know your insurer will provide you with a place to live. If you cannot live in your condo for a few weeks or months, this can be very valuable coverage. Some types of damages may be excluded. Flood damage is usually excluded. In this case, you would need to by a flood insurance policy. There is a national flood insurance program to help people in high risk areas. As with any other insurance, premiums and rates will be affected by the insurer, city, and the customer. This is why you cannot always purchase a policy from the company that your sister or neighbor uses. It is important to shop around for the best condominium insurance policy for you. Of course you will will want to compare rates too. Some insurers are more friendly than others to different types of customers. In addition, you may be entitled to key discounts from some insurers. In order to get the best deal, you can look for good homeowners insurance quote forms online. Many of these include quotes for condo unit policies. It only takes a few minutes to complete the quote form. You will be able to compare competitive insurers. You will also be able to find the contact information for good local agents. Get the best deal on condo owners policies.
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