Facebook Twitter LinkedIn Google+ RSS    


Inside of CondoAs a condo owner, you know how important it is to protect your investment. You probably also know that purchasing condo insurance is a little trickier than ordinary home insurance. Your HOA covers some aspects of your place, while you're expected to purchase insurance to cover others. Plus, different condo insurance policies offer a huge variety of coverage options. To help simplify things, these are the most important coverages you should consider when looking for a policy.
  1. Fixtures, Plumbing and Wiring
    Sometimes the HOA policy will cover damage that occurs to fixtures installed on the inside of your condo, as well as damage to the plumbing and the wiring in your unit. This type of policy, usually referred to as an "all-in" plan, even covers your interior walls and carpets; in fact, it covers everything except the personal belongings you put inside the space. Other policies, called "bare walls-in" plans, cover everything outside your walls, but not the plumbing, wiring, inside fixtures or anything else on the interior of your condo. If your HOA's master policy is a bare walls-in policy, you'll want to purchase more insurance to make sure that you're covered in the event of an accident.
  2. Personal Property
    Your personal items is probably the first thing that comes to mind when you think about buying condo insurance, and for good reason. Any condo insurance plan should include coverage for your personal property, whether you collect classic baseball cards or musical instruments. Just make sure you've had all your valuables appraised and check with your agent to make sure you have enough insurance to cover your possessions.
  3. Liability
    Liability insurance is particularly important if you use your condo as a vacation spot and rent it out the rest of the time. Liability coverage protects you in case someone else is injured on your property. Making sure you have ample liability insurance could save you from financial ruin if a visitor or renter falls down the stairs, breaks a leg and requires years of therapy, for instance. You hope these things don't happen, but you make sure you're prepared in case they do.
The best place to start? Get a copy of your HOA's master insurance policy so you know exactly what is and isn't covered, and go from there. If you'll be renting out your condo, you'll also want to look into a landlord policy. If you live there full time, you'll want to carefully evaluate the valuables you'll be keeping there to make sure they're covered. And no matter what, it's important to double-check that wiring, plumbing and fixtures are covered. Taking note of those coverages can get you well on your way to making an informed decision about your condo insurance. You can't beat that!

Are you covered? Call Raymond Preston & Reed, LLC at (615) 866-2728 for more information on Nashville TN condo insurance.
Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2017
  • 2016

View Mobile Version
What People Are Saying

Read More

From Our Blog Featured Coverage

Employment Practices Liability Insurance EPLI is a necessary coverage for any start up, small business, or existing company with employees (or potential employees). RPR Insurance can help guide you down the right path. Start >>
Read More Read More
Stay In Touch With Us Helpful Site Links Contact Us
Sign up now to receive new and updates Raymond Preston & Reed LLC
7000 Executive Center Dr., Suite 290
Brentwood, TN 37027
Phone: 615.866.2728
Email: info@rprinsurance.com
M-F 8:30am-5:30pm

Facebook Twitter LinkedIn Google+

© Copyright 2018. All rights reserved. Powered by Insurance Website Builder