For many, their condo is among their most significant investments, so obtaining the right insurance policy to protect that investment is vital. Below are some tips to help you obtain the coverage that best meets your needs. To get the right policy, consider our Hausmann Insurance & Financial Services team, serving Waxhaw, NC and the greater Charlotte area.
Condo Insurance Considerations
Condo and home insurance have much in common, but their differences may also affect your choices. Among the most important differences and an essential tip is to ensure that your condo policy complements your association’s policy. Your condo policy should differ depending on whether your association policy uses the "walls-in" or "all-in" approach.
Other vital tips for your condo insurance include:
- Accurately Value Your Belongings: People often underestimate the value of their possessions. Inventory your belongings and get appraisals for jewelry, art, and collectibles to protect yourself adequately.
- Choose High Deductibles: High deductibles save money, but you must have the cash to cover them when needed.
- Pay Attention to Exclusions: Standard policies typically do not cover flood and wind damage. North Carolinians should consider upgrading their coverage.
- Consider Umbrella Coverage: People underestimate their potential liability for accidents in their condo and while driving. Umbrella policies cover both and help you keep your assets even when accidents happen. Umbrella policies can be especially beneficial in protecting retirees’ assets.
Also, obtain a landlord rider if you sometimes rent your condo to others.
Working with Hausmann Insurance & Financial Services
Hausmann Insurance & Financial Services proudly serves Waxhaw, NC and the greater Charlotte area. We will happily work with you to protect your condo and family against unforeseen events. Call us today or visit the office to discuss your condo insurance options.
