It is quite clear that living in a condo is not the same as living in a home. There is no basement or backyard, and you do not need to worry about mowing the lawn or shoveling a front walk. When it comes to insurance, condo insurance significantly differs from home insurance. If this is your first buying condo insurance in Mt. Ephraim, NJ, you might get confused by the complex rules, and that’s why it is essential to ask the correct questions when buying insurance. However, Marino Agency Inc. has insurance experts that can help take you through the condo insurance journey.
1. How much condo insurance do you require?
Condo insurance is complicated because of various HOA regulations and policies. You must determine how much coverage is adequate to cover your personal belongings, furniture, floors, walls, ceilings, kitchen cabinets, and other fixtures. Note down the items in your condo unit including furniture, appliances, electronics, and clothing. Also, keep a record of that expensive artwork.
2. Condo insurance rates vary by state
The average condo insurance rates vary by state. You can search for the average insurance rates in New Jersey before you go shopping. You will need the information to guide you in your condo insurance purchase.
3. Enquire about loss assessment coverage
As a condo owner, you should research and ask about loss assessment coverage which helps pay for condo related damages. As a member of the condo association, you primarily own the most significant and most common areas. However, you can always pay as an individual condo owner, especially if claims go beyond the association’s policy or uncovered losses occur.
It is essential to keep in mind that just like home insurance, condo insurance does not cover floods. Therefore, if your condo is around a flood zone, you may need a separate flood insurance policy. If you are looking to buy condo insurance, Marino Agency Inc. can help you find coverage that best suits your needs. Be sure to pay us a visit to Mt. Ephraim, NJ today!