Buying the right condo insurance coverage is important. Do you need to learn about your condo insurance options in Foley, AL? Southern Risk Associates can provide you with the information you need on condo coverage.
The following are three details you shouldn’t overlook when you buy condo insurance:
Discounts that are available to you
Condo owners should know that there may be numerous insurance discounts available to them.
You could enjoy discounted condo insurance by paying for your policy upfront rather than one month at a time. You might also get a discount for bundling your condo insurance with another insurance policy you have by purchasing your condo insurance from the same provider.
Be sure to ask a representative from your condo insurance company about any discounts you might be able to enjoy.
While condo insurance covers a lot of potential damage to your home, there are some limitations on standard condo insurance policies.
One of the most important limitations to be aware of is the lack of flood coverage on a standard condo insurance policy. You’ll need to invest in a separate flood insurance policy if you want flood damage to your condo to be covered by insurance.
Certain types of coverage are optional on a condo insurance policy. Some common optional coverage offerings include water backup coverage and scheduled personal property coverage. Be sure to consider these options to devise a policy that is optimized for your needs.
We Are Here To Help
We’ll help you address all the most important considerations when you choose condo insurance. Let us insure your property in Foley, AL to protect your investment. Call Southern Risk Associates to get a quote on a policy today!
You may think that condo insurance is just another name for home insurance, but there are subtle differences between a home and a condo and the same is true for insurance. Southern Risk Associates in Foley, AL is a locally owned independent insurance agency that puts customer service and our customers first. We will find you the perfect policy at a price you can live with.
Do I need condo insurance?
If you have a mortgage, your lender will require you to have condo insurance. Having condo insurance may be required by your condo association. The state of Alabama does not require that you have condo insurance but it is a very good idea to have it.
What does the condo association master policy cover?
The condo association master policy covers the exterior of the building and the common areas. Common areas include things such as parking lots, a pool, a gym, elevators, and interior corridors. It includes liability coverage for the common areas as well as property insurance.
Does a condo policy have any exclusions?
The exclusions on a condo policy are similar to those of a home. You are not covered for flooding, earthquakes, sinkholes, landslides, sewer backup, owner neglect, infestations by rodents, termites, other pests, mold, and normal wear and tear. It will also not cover certain breeds of dogs.
Will I have a loss of use coverage?
Most condo insurance policies will include loss of use coverage, but be sure to read your policy carefully to be sure. If you have the coverage, it will allow you to get a temporary place to stay and may pay for some meals if you don’t have a way to cook.
Give Us A Call
Contact Southern Risk Associates in Foley, AL to discuss the benefits of condo insurance and why it is something you need.
A condo insurance coverage from Southern Risk Associates is what you need, especially if you live around Foley, AL. The policy will cover your home, including your personal equipment and the improvements you make, as well as any adjustments. Condo liabilities are the least of your worries as the policy covers them too.
What Does Condo Insurance Cover?
While the property owner is responsible for damages caused in the interior surfaces, condo policy offers compensation on individual terms. It addresses issues such as cabinet repair, fixing lighting systems and walls. In addition, the policy settles the charges incurred during the assessment process, especially after a tragic loss.
Buying a condo insurance policy requires you to observe keen considerations to get decent deals. It is prudent to know what the policy covers versus what it does not cover. Evaluating the cost of building and repairing your condo is also a factor you must not overlook. With such details, it is clear whether getting insurance cover is a necessity or not.
What To Understand About Home Improvements and Modifications
Making adjustments and improvements to your home calls for additional assets that may get damaged if a catastrophe strikes. Calamities such as wind and floods are inevitable so, buying a condo insurance policy is a brilliant idea. It covers your light fixtures, floor damages, and ceilings, to mention a few.
Whatever you buy in your condo becomes your responsibility, and buying a policy is the wisest thing. Coverage C protects the contents of your home upon obtaining condo insurance. It covers valuables such as clothes and furniture. However, jewelry is not among the items that the policy covers.
Does Condo Insurance Cover Injuries?
We can all not avoid hosting guests in our homes, and injuries are inevitable. You are responsible for medical expenses if your guest gets injured in your home in Foley, AL. Get condo insurance that covers any medical expenses, lest you pay hefty bills from your pocket. Contact Southern Risk Associates today with your budget to get a decent policy.