When it comes to picking your condominium insurance, you do not necessarily have to spend a fortune. A huge number of really good condo insurance policies can be yours for cheap prices if you know how to shop.
Here, we share with you some techniques you can use to get cheap homeowners insurance.
The Basics Of Condo Insurance
What is condo insurance anyway? Well, condominium insurance is not the same as standard home insurance. That is because, in condominium insurance, you are covered by your insurer with master policy. That covers your roof structure, building floors and wall structure.
Since your association insurance insures only the walls, the floors and the roof, all your personal belongings, inside walls and appliances must be insured by yourself. It is crucial that you take a careful look at what things are covered and what are not before purchasing your policy.
What Is Covered?
Condominium insurance pays for your personal belongings in case they are destroyed by smoke, water, fire, or certain acts of nature, including your furniture, electronic items, sports gears, clothes, and tools.
In case someone gets hurt when inside your condominium and decides to sue you, you can expect your costs to be covered by your liability insurance. Court expenses, attorney fees and court-awarded damages are included in your liability coverage.
Most standard condominium policies cover anywhere between $100,000 and $300,000; but, in case you require more than that, you can purchase extras.
Getting The Cheapest Deal
Depending on which company you decide to go for, your insurance cost may vary by several hundreds of dollars. If you want to get a great insurance deal for a cheap price, be sure to compare different insurance policies by visiting a quote comparison website.
Also, keep in mind that you can lower the cost of even the cheapest policy by applying certain tips. You can increase your deducible amount, for example, and save a few hundred dollars per year when it comes to premium. You can also ask your insurer to give you every discount you are eligible for, including non-smoker discount, dead bolt lock presence discount, alarm system presence discount, and senior citizen discount. You cannot expect your insurer to provide you every discount you are eligible for, though.
Evaluating and comparing price quotes provided by different insurers is very easy to do. All you need to do is spend a small number of minutes, entering your house details and insurance requirements when your favorite comparison website asks you to.
Recently, I performed an online insurance comparison for personal use. It amazed me how much I ended up saving by doing the simple thing.
My annual premium was $895 before. But, after I spent about 10 minutes completing the questionnaire provided, and submitting it, I got 2 phone calls from local insurance agents. I also received 4 different quotes by email. Finally, after comparing the different offers I got, I picked a policy which cost me only about $300 yearly. Basically, I was able to save about $600 yearly by spending only 30 minutes on the internet.
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