Hello to all you great folks out there and welcome back for another question from the Conaway Insurance Agency here at Allstate Insurance.
Today’s question is how much homeowner’s insurance should you have for a condo? And that is a great question.
So a condo policy is completely different than a homeowner’s policy. With a homeowner’s policy, you need to cover the whole dwelling, which means the inside or the interior of your home, and also the exterior of your home. With a condo policy, you would just need to cover the interior of your home, which means the walls in. So all of the studs, the drywall, your carpet, anything that is attached on the inside is considered coverage for a condo policy.
Now it also has lost assessment coverage and this is extremely important that you have this coverage on your policy, because if you have a hail loss in your condo complex, the condo association will pay to have the damages fixed to your roof. However, there is a pretty design expert 9 free download crack good size deductible that the association will divvy out amongst all the homeowners, and they need to pay that. Nine times out of 10 it’s anywhere between 11 to $15,000. So if you do not have that on your condo policy, you would have to pay that out of your pocket. So make sure that you have the right type of policy in place.
We are very competitive on our rates, on our condo policies, so if you would love, certainly contact me and I will be glad to get you that quote.
Thank you for that question. That was a fantastic question and you guys have a great and safe holiday.
Call Conaway Insurance Agency in Aurora CO at (303) 752-1441