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Family With Moving BoxesAs the recent Nashville Association of Realtor data suggests, real estate is picking up. One of the hot trends in Nashville is "Condo Life" — the urban vibe is in! If you are in the market for a condo, we'd like to share a few tips in regards to your condo insurance:
  • You need to get your own condo (or HO6) policy even if the condo association has coverage. It's important to realize that the condo association may be providing coverage to the condo. However, that policy insures the association and units, but does not provide individual coverage for the unit owner's contents or personal liability.
  • Find out who insures the condo association. Find out if the policy provides coverage to both the exterior and interior structures, or the exterior only.
  • Get a copy of the master policy for the association. Your realtor or local independent insurance agent can help. This will help you decide how much condo coverage you'll want/need to carry.
  • Be realistic in how much coverage you want for your personal property. Don't lowball this coverage because the master policy will not provide any coverage for your personal property (i.e. clothing, furniture, decorations and TV's).
  • Make sure you're covering the additions/alterations/improvements/betterments. If the master policy does provide coverage to the interior, it will likely only cover the unit as it was originally constructed. Any additional additions, alterations, improvements, or betterments will be your responsibility.
  • Look at the cost of Loss Assessment coverage. This is an important coverage for condo owners. Have your insurance agent run you numbers with limits of $10,000, $25,000, and $50,000. In the event the association is sued and doesn't have adequate coverage, you, the unit owner, can be assessed for damages. You'll be glad you did your homework.
The condo lifestyle is a lot of fun, convenient, and very popular in the Nashville, TN market. It also has its fair share of quirks and risk — make sure you're working with an expert to determine the coverage you need, and to provide the options to get you the best value for your condo insurance needs. Call Raymond Preston & Reed at (615) 866-2728 or contact us online to get started.
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Brentwood, TN 37027
Phone: 615.866.2728
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