Owning a condo comes with plenty of perks compared to living in a single family home. They’re often cheaper to purchase and paying the monthly note makes way more financial sense than paying rent. Lower maintenance needs also immediately come to mind since you’ll only be responsible for maintaining the interior of your space, as does a greater sense of community than you might get in a large, single-family neighborhood should also be noted, and often, the property comes with a host of amenities. But the nature of condominium living means close proximity to neighbors and there are a few situations where having insurance on the space can pay off. If you’ve just moved into a new condo, consider this guidance for understanding your condo insurance quote in Port St. Lucie.
Coverage included in your condo insurance quote
Coverage included in your condo insurance quote is oftentimes much easier to understand than that included in homeowners insurance policies. Most condo insurance policies cover loss experienced due to fire, theft, and some instances of water infiltration. There are typically two types of policies: all-in or bare walls-in. All-in policies cover your unit and basically everything in it including appliances and your belongings. Bare walls-in policies sounds like what you’d expect, coverage for the walls and nothing inside of them.
Your HOA should have condo insurance too
In the event of some type of damage or destruction to the property, your condo’s HOA insurance could kick in first. This policy will cover damage to the physical building, grounds, and anything else damaged outside of your unit. Your personal condo policy will step in where that coverage ends for your personal property, fixtures and features in the unit, and your appliances, depending on the type of policy you purchased. Having a double layer of protection is something you will be thankful for in the event something happens.
The costs included in your condo insurance quote
Condo living is often less expensive than single family home living and so is its insurance costs in most cases. You can expect the premium to be affordable and based on the value of the property and the items you own. The premium cost will also depend on the type of policy you choose: all-in or bare walls-in. An educated and experienced insurance group can help you navigate the options and keep your costs down.
How to find a good insurance provider
Insurance is a fact of life and chances are you have an existing policy or two already in your life. Perhaps you pay for car insurance or life insurance already. A great resource for finding condo insurance and getting a condo insurance quote is to go to your existing insurance company and ask. You might even score a multi coverage discount to make the policy even more affordable.