Protect Your Condo & Items Within It With Better Coverage At A Better Rate
It’s easy to overlook critical coverage in your condo insurance policy. Protecting your condo or co-op and your personal property within your walls should be a priority. Don’t just rely on the condo building master policies that most condo associations purchase.
Make sure you cover your actual unit with a policy from Compass Insurance if you live in Kentwood, Byron Center, or the surrounding Michigan area to make sure your stuff is really covered. Most associations’ policies cover from the drywall of your unit and out. The master policies exclude items like appliances, furniture, personal items, valuables, and jewelry — so having condo or co-op coverage from independent insurance brokers like Compass can give you peace of mind. We work for you, not the insurance companies.
Insurance Is Required By Lenders And Condo Associations
All condo associations require owners to have at least some level of insurance, and most mortgage lenders require owners to purchase insurance as well. Owners need to understand that condo and co-op coverage is specialized and should be tailored to meet the individual needs of your property and its contents.
Liability Can Be Overlooked
Condo insurance policies are often misunderstood, with many owners falsely assuming that their policy covers things such as flooding damage. This can be a costly misconception; if your property sustains flooding damage, the costs of repairs may not be covered unless you have a separate policy.
Liability coverage is also overlooked, so it’s important to ensure you understand what aspects of your covered and which are not. Don’t be left financially exposed – Speak with a Compass agent about whether or not additional insurance coverage might provide necessary protection for your condo or co-op.
The Difference Between Condo & Homeowners Insurance
Condo insurance certainly looks similar to homeowners insurance, but there are some important differences you should be aware of. The main difference is that condo policies don’t cover damage to the outside of your unit – exterior walls, garages, patios, balconies, common areas, etc. – which homeowners policies do.
You also won’t find liability protection against injuries in the common areas (hallways, parking lots) associated with condo complexes included in the insurance policy. Before choosing a policy, it’s crucial to know what will and won’t be covered by your plan. Speak with a Compass agent today.
Start Your Condo & Co-Op Insurance Quote
It’s important to take steps now to ensure your condo is well-protected against costly and unexpected damage. We’ll get quotes from 20 insurance carriers to get you the best coverage at the lowest rate without sacrificing customer service. Compass is famous for saving clients $796/year on average when they bundle and take advantage of all the insurance discounts available.