It’s one of the most beautiful places in the world you could choose to spend your time, so when you own a condo in the state of Colorado, you’ll want makes sure to protect your investment. But finding the right insurance policy with the best condo insurance rates to keep you covered can be a headache. These tips will make choosing your agent and policy a little easier.
1. Know your master policy.
Most condominiums have a master insurance policy, covered by owners’ dues, which cover common areas. The type of master policy your condo has determines the amount of insurance you’ll need to purchase on your own. These are the two main types of policies:
- Bare walls-in policies: This type of policy covers the outside of your condo from the sidewalks, roof and landscaping to the walls. With this type of policy, you will be responsible for insuring (and repairing) any interior fixtures.
- All-in policies: These policies cover the walls and the installations within your home, right down to the countertops, flooring, and light fixtures.
If your condo has an all-in policy, you’ll have to purchase less insurance than you would otherwise.
2. Figure out how much coverage to buy.
This can be tricky. Some experts suggest purchasing insurance equal to half the value of your condo’s interior features. By getting your condo appraised and then talking to an independent agent about your options, you’ll get a good idea of how much coverage you need.
3. Insure both the contents of your condo and structural items.
You’ll want to make sure that your personal property is covered against theft and other damages, but also make sure that the structural areas of your house are covered, as well. Part of this involves knowing exactly what’s covered on your master plan and going from there.
When in doubt, don’t hesitate to contact your local independent agent to ask questions about the type of coverage you need for your condo–they’ll be able to compare quotes and help you make the right choice.