Protect Your Home & Auto

Condominiums need adequate insurance coverage, just as homes do. Things to keep in mind when considering a policy include:

• Most condo policies have very low coverage for the actual dwelling itself. Even if you only need to repair from the sheetrock in, it can get very pricey between cabinets, countertops, flooring, etc.
• It’s important to keep an inventory of your personal belongings in case of a claim. It will make the claims process easier and faster when you already know what is damaged or missing.

For most people, their home is the biggest investment they will ever make. Making sure you have adequate protection on yours is vital. There are several important things to consider when preparing to purchase a homeowners insurance policy:

• Make sure to talk through every possible coverage with your agent. Each insurance policy is different and covers different things.
• Ask how your belongings are covered, especially in regards to theft.
• If you have large collections of high-priced collectibles such as jewelry or firearms, keep an inventory and find out about specific coverages for those collections.
• There are different coverages and policies for homes which are leased to relatives or others. Make sure to let your agent know if you are not the primary resident of the home.

Most people don’t think about obtaining insurance when they are renting. However, the property owner’s insurance does not usually cover your personal belongings. So in case of fire, theft, water damage, etc., you would be responsible for replacing everything you own.

Also, if you cause damage to the property, even accidentally, you can be held liable. For example, if you leave a candle burning and it somehow catches your apartment on fire, perhaps even the apartments around you, you could be responsible for all of the repair costs.