Buy Your Condo Insurance With Some Tough Negotiation

When going in to buy condo insurance, condominium association insurance covers the actual building and commonly owned property. You should buy condo insurance to cover burglary, water damage and in the case of any injury in your home.  

Picking Insurance

Lenders will not write mortgages on condos if the building is within a flood hazard area and the condo association doesn’t have the master policy. Condominium association insurance has the responsibility to acquire the coverage. However, the coverage will protect the walls of the building and amenities. The insurance will not protect the space inside the walls or your personal belongings.

Flood Insurance

Condo flood insurance is necessary if you live in a high risk area. Federal regulators zone high risk areas. Lenders require flood insurance equal to their loan amounts. Raising your deductible will help you to save money, but keep in mind that lenders will not typically allow the amount to exceed $1000. A deductible of five hundred dollars can help you to save about twenty five percent from your policy. Also, a new building, or one with security systems, smoke alarms or fire extinguishers can also help you save.

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