Condominiums require a different type of homeowner insurance. Your condo association’s insurance generally provides insurance protection for the exterior portions of your unit as well as protection for all common areas. But depending on the association’s policy, you may be responsible for insuring your own interior including interior walls, cabinets and flooring. A Lappan Agency agent can take a look at your condominium association documents to confirm what is covered and where you need additional protection.
Condominium insurance provides you with important protection for:
- Any additions and alterations you make to your unit
- Personal Property
- Personal Liability
- Loss of Use
- Medical Payments
We recommend that you take a household inventory to determine your insurance needs. It helps us recommend the appropriate amount of insurance and it will help you when making a claim in the event of a loss.
In preparing our recommendation, we will also look for any discounts that could be available to you including credits for smoke detectors, burglar alarms, and multiple policy discounts (e.g. auto and condo policies with the same insurance carrier.)
In addition to standard condominium insurance protection, there are also optional coverages that may be appropriate for your situation. They include:
Replacement cost coverage for personal property: Policies cover current cash value. Since furniture and clothing depreciate quickly, you may want to consider replacement cost coverage.
Valuables: There are coverage limits on personal property. If you have valuables that would exceed your coverage, additional optional coverage is available. Talk to the experienced Lappan Agents about protecting expensive items such as jewelry, fine art, and musical instruments.