Buying condo insurance is different than buying homeowners insurance. For one, you’re insuring a unit within a building versus an entire home. And your condo association’s master policy may cover some perils like the roof or common areas that aren’t your responsibility, but not all. That’s why it’s important to understand what your condo policy should cover and how to avoid costly mistakes when buying this type of insurance.
Leo Insurance Group in Las Vegas, NV offers this guide on the five common mistakes people make when buying condo insurance.
Condo Insurance: What to Avoid
1. Not Understanding What Your Condo Policy Should Cover
Your condo policy should cover your personal belongings, any structural improvements you’ve made to your unit, and your liability in the event someone is injured while on your property. It’s important to understand what is and isn’t covered under your policy to ensure you’re protected in the event of a loss.
2. Not Getting Enough Coverage
Just because your condo association has insurance doesn’t mean you don’t need your own policy. You should ensure you have enough coverage to protect your belongings and your unit in the event of a loss.
3. Omitting Important Details
When you’re buying condo insurance, be sure to give your agent or company all the details about your unit. This includes the square footage, any special features or amenities, and any upgrades or improvements you’ve made. This information will help them determine the amount of coverage you need. Remember lying or omitting information on your insurance application is considered insurance fraud and can result in denial of coverage or even prosecution.
4. Not Reading the Fine Print
It’s important to read the fine print of your policy, so you understand the coverages, limits, and exclusions. This way, you’ll know what you’re covered for and what you’re not.
5. Failing to Update Your Policy as Your Needs Change
Your needs will change over time, and it’s important to update your policy accordingly. For example, if you purchase new furniture or make any improvements to your unit, you’ll need to increase your coverage limits.
Contact Us Today
These are five common mistakes people make when buying condo insurance. Be sure to avoid them so you can be fully protected. For more information or to get a quote, contact Leo Insurance Group in Las Vegas, NV. We’re here to help you get the coverage you need so you can have peace of mind.