Do you want to save on your condo insurance premium? In this article, you’ll discover what insurance agents don’t reveal to their clients looking for condo insurance. You’ll know the insider tips to get the lowest price on condo insurance. Keep reading to find out more.
What is Condo Insurance?
Condo or all-inclusive insurance is coverage for condos. A person can buy and own one of these buildings, which are part of a more extensive property establishment. Residential communities like these often offer perks such as shared management and maintenance.
Contracts for this insurance policy cover the entire building, including sharable and personal structures. So if, for example, your building caught fire, the condo insurance would compensate for the repair and re-establishment of better walls, ceilings, and floors.
Alternatives to condo insurance can include single entity and bare walls coverage. Single entity insurance covers real property such as shared land, light fittings, entryways, and some items in each unit. Bare walls coverage only protects the exterior, wiring, piping, insulation, etc.
As you might have seen, condo insurance doesn’t cover individual objects such as clothing, paintings, jewelry, furniture, or utensils. So purchasing a personal insurance plan and encouraging tenants to do so as well is a great idea.
1. Create a List
What’s the biggest mistake that condo owners seeking insurance make? They’re impatient. Eager people fall for the first deal that falls on their laps without considering whether they could have had a better one. Only after some time do these people realize they didn’t get the best price or service in the market. And you don’t want that feeling.
Don’t rush to insure your condo. Give yourself time to plan. Determine what level of coverage makes the most sense for your property, budget, and so forth. Work with an independent insurance agency. Why? An independent insurance agency will provide you access to numerous different companies at once. They do the shopping around for you, while taking the time to answer any questions that you may have. You’ll get the best price available, while ensuring you’re receiving high quality coverage.
Insurance is not just about getting the lowest price possible. It’s also about making sure your insurance company has your back in case something would arise. An independent insurance agency will help you navigate all of these obstacles. Additionally, take some time to read through your agency’s reviews. You can learn a lot about their customer service and what working with that company will truly be like.
2. Consider your Deductible
Many companies offer discounts for those who increase their deductible. Insurance experts refer to these payments as the minimum you have in your insurance account to accommodate claims.
Ensure you can afford the high deductible fee before making your payment. Also, note that terms and policies differ between companies and regions.
Why? Because some areas are prone to environmental disasters such as storms, hurricanes, landslides, or earthquakes. Therefore insurance agents may create different policies for specific threats of damage to your condo. For example, the ‘storm deductible’ could be one.
3. Buy Insurance Policies from the Same Company
Often, you’ll get a good discount if you buy your policies from the same insurer. For example, you can get your homeowner insurance from the company you purchased your car premium from. If you paid well, they might consider you for a discount.
This plan only works if the deal you’re getting is lower than that of other companies. And as always, be ready to walk away. The more alternatives you have giving you a discount on premiums, the more money you’ll save.
4. Protect Your Home from Disasters
Insurers recommend you shield your condo from devastating disasters such as earthquakes, hurricanes, or fires. Therefore, consult experts in construction, disaster management firms, and home caretakers. Or do a simple Google search and see what you can improve.
Home upgrades for electrical and water channels are wise investments. They might seem expensive at first, but over time you’ll have saved a lot because all those measures will convince companies to give you a good deal on your premium.
State-of-the-art locks, burglar alarms, and smoke detectors can persuade some agents to give you a discount of up to 20%. However, these renovations are expensive, and the insurers may want a specific brand.
Other tips helping you get the lowest price on condo insurance include:
- Improve your credit card scores and reduce debts.
- Work with good insurers on a long-term basis.
How to Get the Best Price on Condominium Insurance
The fastest and most effective way to get the best price on Condo Insurance is to work with an agent who will scour a network of insurance providers to find you the right quote. That’s exactly what The Kind Insurance does for their clients. Contact us today for a quote!