Depending on your insurance plan, you will be asked to pay a deductible, which may be paid monthly, every six months, or every year. The higher your deductible is, the lower your co-pay will be. In the event of something going wrong, the co-pay will be the amount that you need to cover before the insurance steps in. In general, the higher your deductible is, the lower your co-pay, and vice versa.
When you are thinking about purchasing insurance for your condo, it is important to be aware of the two different types of coverage. The first type of policy is typically listed as a “bare walls” policy. This policy is frequently one that is offered by the condominium association itself, and it covers the condo facility outside of your walls. It will not cover anything inside. This is why so many condo owners decide to go ahead and purchase insurance for themselves. “All-in” policies cover all of the appliances inside of your condo and the structure of your individual unit.
On top of that, however, you will likely also want an individual policy that will cover all of your possessions, which an all-in policy will not. These policies are designed to take care of all of the things you own, from your furniture to your clothing to your art and more. Basically, if a disaster occurs, you will be able to replace things.
Be proactive when you buy a condo. Condo insurance gives you peace of mind and a great safety net. You won’t have to worry about what happens in case of damage, and if the worst does happen, you will be able to get back on your feet much more easily.
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