Congratulations, you’ve bought a new condo! Whether you’re entering the market for the first time or you’re already savvy to the world of real estate, there are a few things you may not know about condo insurance. Here are some key aspects buyers should be aware of to ensure that their investment is covered.
Understand What Your Condo’s Master Policy Covers
“Many people think their condo policy covers them for the contents inside their unit,” says Melissa Gallaro, vice president of the GEICO Insurance Agency. “It could cover the common areas of the building, the atrium, the room, etc. Anything inside your unit, however, is not covered by the master policy; therefore purchasing your own personal condo policy will ensure your assets are protected. ”
Know What You Need To Insure
Gallaro says you need to insure everything inside your unit. Anything that’s inside the walls of your condo—this includes your personal property such as furniture and clothing, as well as the interior structure such as flooring, countertops and fixtures. (Here’s how to create a simple home inventory.)
Determine How Much Coverage You Need
This is where your home inventory will come in handy: Determining the total replacement value of your stuff. “We ask each customer how much coverage they need for both their personal property and interior structure,” Gallaro says. “We also provide expert guidance to make sure they’re completely covered.” Planning interior home renovations anytime soon? Be sure to reassess your coverage after every major renovation to make sure your home remains fully covered.
Be Sure To Add Liability Coverage
“You want to be covered for liability,” Gallaro says. “This coverage will be there for you in case a guest slips and falls or gets injured on your property,” she says, or in case of other accidents (in your condo) where you might be held responsible.
Visit geico.com to get a free condo insurance quote in a few short minutes.