Renter Insurance Rate
Renter Insurance Rate
Looking to buy a condo insurance policy? Want to get the best rate with a top company? Here’s how …
Why do I Need Condo Insurance Coverage?
Many people think their condominium’s master policy covers them. Fact is, it only covers the condominium structure, common property, and the association against liability lawsuits.
Most master policies cover everything up to the exterior of the building. You are responsible for your interior walls and your personal property.
Before you purchase condominium insurance you should find out what your condo association’s policy covers, then get insurance to cover what’s not. Typical condo insurance coverage includes:
* Personal property coverage – This pays to replace your personal possessions – clothing, furniture, appliance, electronics, etc. – after they’ve been damaged. To determine how much personal property coverage you need, take an inventory of everything you own and use the total value as the amount of insurance coverage.
* Personal liability coverage – This pays for an injured person’s medical expenses and property damage repairs when you’re found to be at fault. It also covers your court costs and legal fees. You should have enough liability coverage to protect your assets in the event you’re sued.
* Loss assessment coverage – If your association does not have enough money to pay for damage to your building, you may have to kick in part of the cost. Check with your association to determine if you need this coverage.
Where Can I Buy Cheap Condo Insurance?
Condo insurance premiums can vary by hundreds of dollars from one company to the next for the same coverage. In order to insure you’re getting the best rate, you need to get quotes from a number of different insurance companies and compare them.
There are now insurance comparison websites where you can get insurance quotes from A-rated companies in the comfort of your condo. All you do is fill out a simple questionnaire with information about your condo and the type of insurance you want, then wait for your quotes. Once you have your quotes simply choose the best one.
Some insurance comparison sites even have an online chat feature where you can talk with insurance experts and get answers to your questions (see link below.)
Renters Insurance? What Kind? Is it really worth it?
I am renting a condo from a friend, got a good deal, just signed the lease, he recomended that i get Renters Insurance because he said damages I make to the place or to other owners in the condo I am responsible, even if something happens to me, the insurance would help.
Now I would like to know any good insurance agents (e.g Geico) should i get Renters/or Condo , not new to this, want a good rate yet want good coverage for damage, fire, theft you know.
Renter’s Insurance is for you and your property, not the condo itself. Your friend should have a landlord policy in place for the condo.
When shopping there are a few things to consider.
1. Make sure the policy gives you “replacement cost” not “actual cash value” on your personal property.
2. Find out the limits for specific items. Jewelry, watches, and furs for instance, will have a dollar limit that the insurance policy will pay. Make sure these are high enough to cover your belongings or plan to “schedule” any specific items that go over that limit.
3. Make sure it includes some kind of additional living expenses coverage. This would kick in if you were unable to live in the condo due to a fire for example. The policy would pay for any additional expenses that resulted from you having to live somewhere else while the condo is being repaired.
Renter’s policy’s are very affordable for the coverage they offer. They are diffidently worth it. Shop around and find an agent that you like and trust. The difference in price between companies will not be that much, so it’s better that you find a quality company.
How to Get Cheap Renters Insurance Rates in Washington
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