Three things to remember when you take out a condo insurance policy

Condominium owners can purchase condo insurance to protect the investment they make in their property. At Anchor Insurance Agency LLP, we offer condo insurance to consumers residing in the Plymouth, MN area. 

The following are three things you should remember if you are in the process of taking out a condo insurance policy:

Condo insurance provides added protection in addition to any condo association insurance you have.

Condo communities generally have common insurance provided to the entire condominium structure that all of the owners in the building contribute towards. This is what is known as "condo association" insurance or the "master policy" of your community. 

However, this type of insurance won’t cover residents for damage to the interior of their unit or the possessions they keep in their unit. Individual condo insurance is designed to protect these assets. 

There are three common condo association insurance types out there to be familiar with: "all in and all-inclusive", "special entity", and "bare walls in and wall studs in" policies.

Your condo insurance should cover you for anything that your condo association insurance doesn’t you for. You need to know what type of condo association coverage you have so that you can choose individual condo insurance to complement this coverage.

Before you purchase condo insurance, discuss your insurance needs with a representative from your condo association and understand exactly what is already covered through your payments to the association. 

You need more of your own coverage for "bare walls in and wall studs in" policies.

Of all the types of condo association policies, "bare walls in and wall studs in" policies typically offer the least amount of coverage. You’ll therefore probably need to invest more in your individual polices if your condo association offers a "bare walls in and walls studs in" association policy. 

If you’d like to learn more about condo insurance and find out what policies are available in the Plymouth, MN area, we’d like to know. Contact us at Anchor Insurance Agency LLP and we’ll provide you with all the information you need to choose the right condo insurance policy.