When it comes to protecting your condo, proper insurance is a must. But with so many different policies on the market, how do you know which one is right for you? Bronson Insurance Services in Oak Creek, WI offers this guide on what to keep in mind when shopping for condo insurance.
What to Look for in a Good Condo Insurance Policy
1. Coverage Limits
The first thing you’ll want to consider when shopping for condo insurance is the coverage limits. You’ll want to make sure that your policy covers the full value of your personal belongings and any improvements or upgrades you’ve made to your unit. If you have valuable items, such as jewelry or art, you may need to purchase additional coverage to protect them.
Your deductible is the amount you’ll have to pay out-of-pocket before your insurance policy kicks in. When shopping for condo insurance, you’ll want to consider how much you’re comfortable paying out-of-pocket in the event of a claim. Remember while higher deductibles could mean you pay lower premiums, it also means more financial risk if you have to file a claim.
3. Policy Exclusions
It’s important to be aware of what your condo insurance policy does and does not cover. Most policies exclude damage caused by flooding, earthquakes, and other natural disasters. So, it’s important to read the fine print and make sure you’re aware of any exclusions before you purchase a policy.
4. Guest Medical Protection
If you have guests over, you’ll want to make sure they’re protected in case of an accident. Guest medical protection will cover the medical expenses of anyone who is injured while on your property. This is important to consider if you entertain often or have young children who have friends over frequently.
5. Optional Coverages
There are a number of optional coverages available with condo insurance, such as loss of use coverage, which pays for your living expenses if you’re unable to live in your unit due to a covered disaster. You’ll also want to consider whether you need personal liability insurance to protect yourself from lawsuits if someone is injured while visiting your home.
Get Condo Insurance in Oak Creek, WI
When shopping for condo insurance, it’s important to consider your coverage needs and choose a policy that provides the right amount of protection. Bronson Insurance Services offers a variety of condo insurance policies to meet your needs. Contact us today to get a quote.