Tips to select the right amount for coverage for your needs:
Find out what the HOA's policy covers
As a Condominium owner, your Homeowners association or HOA typically collects monthly dues that include insurance for the condo's building exteriors and common areas. To find out what is included, review the association's bylaws or the master insurance policy.
There are two types of coverage your HOA's master insurance policy may provide:
Bare walls in - This would only cover the exterior structure of the building. You'd be responsible for insuring all the interior contents in your home including appliances, personal belongings, bathroom/kitchen fixtures, flooring, etc. if there was a loss.
All in - These policies protect the exterior and structural interior contents of the building with the exception of your personal property.
Estimate the amount you would need to repair or replace your condo's interior structure
Once you determine what your HOA's master insurance policy covers and which parts of the condo you are personally responsible for, you can get a better idea of how much coverage you may want.
Your condo insurance policy should cover all things not included in the master policy. If your HOA has an "all-in" policy, it usually does not include improvements you make to your unit. You would need to purchase additional insurance to cover these improvements.
If your HOA has a "bare walls" policy, determine the amount it would take to replace all of your condo's interiors. This could include lighting, flooring, cabinets, etc. A Farmers agent can assist you in estimating an amount.
Assign a dollar amount to your personal items
You'll need insurance coverage to replace your personal items if they are stolen, damaged or ruined. To assign a value to your personal property, start by taking a home inventory.
It is easy to underestimate the value of your personal property which could include your clothing, furniture, appliances, electronics, etc. If disaster did strike and you are under-insured, this could lead to considerable frustration. Work with your Farmers agent to make sure you are adequately covered to replace your belongings.
Coverage for your assets
What if your dog bites someone? What if someone were injured on your property?
Unfortunately lawsuits are common and your condo insurance policy may provide liability coverage, but is it enough? Farmers Personal Liability Umbrella supplements your present policies and provides additional coverage in increments of $1 million.
Find a Farmers agent today to customize a Condo insurance package for your needs.
This brief summary is not a policy document. Please read the actual policy documents for your state for important details on coverages, exclusions, limits, conditions and terms. If there is any conflict between this summary and the policy documents, the policy documents will control. Not all products and discounts are available in every state.