There are many options concerning condo insurance, and Midwest Professional Insurance can help you navigate the details and options available in Kansas and other states. From understanding what differentials between condo and home insurance to not knowing how much coverage you’ll need, we explain four common mistakes condo insurance often makes when choosing a policy.
4 Mistakes to Avoid
1. Failure To Know the Difference Between Home and Condo Insurance
Understanding the difference between getting insurance for the property versus policies for homes is pivotal. This is one of the most common mistakes people make when condo insurance shopping because the coverage can drastically vary. Home insurance covers structural damage while condo insurance covers personal property damage and liabilities due to an issue within your unit. The condo association’s master policy covers any structural damage due to fires or storm damage.
2. Not Knowing What’s Covered Under a Condo Policy
Buyers who fail to take time to read and understand their condo coverage are making another common mistake. Most policies for condos cover personal property and liabilities associated with any legal situations that arise when guests are in your condo.
3. Not Thinking About Liability Coverage
Should someone who doesn’t live in your home get injured or another person’s property is damaged, having a policy with liability coverage comes in handy. You’ll be protected in case there are lost wages, medical expenses, lawyer fees, etc.
4. Carrying Too Much or Too Little Condo Coverage
Many looking to save money may buy less coverage than they might need, but overpaying isn’t ideal either. It’s essential to find just the right level of coverage that suits your needs and will offer adequate condo coverage.
Talk To Us About Condo Coverage
At Midwest Professional Insurance, we work with condo owners in Kansas, Colorado, Illinois, Missouri, Idaho, and Texas. We’ll customize a policy just for you while advising you of what coverage you might need in your area. Contact us today.
