Condos are a great investment for the first time homebuyer. While they give you a space of your own as your first steps into the real estate market, they also come with much less responsibility than owning a house does. However, just like a house, it is important to make sure that you protect your condo with the right condo insurance policy. Keep these tips in mind to ensure that you invest in the right condo insurance policy at the right price.
- Take a look at the master policy that is provided by your homeowners association and make sure that you know exactly what it covers. Typical master policies will only cover the exterior of your condo, such as the roof, and the communal areas of the complex, such as a gym. You will need to protect all of the inside contents of your condo on your own with your condo insurance policy.
- Determine how much coverage you will need to invest in by creating a home inventory. Creating your home inventory while you are unpacking will make the process much easier. Make sure to write down as many details as possible about each item, and include a receipt or appraisal receipt if you are able to.
- Make sure that you are covered for any liability issues that you may face. Consider your risks if someone were to slip and fall at your condo. While your master policy will provide coverage for any liability issues that happen in the common areas, it will not provide any liability coverage for issues inside your unit.
When looking for the right condo insurance policy that will properly protect all of your assets, contact Insurance and Mortgage Services in Batavia, Illinois. We will work with you to ensure that you have the coverage that you deserve.