5 Things Orlando Condo Owners Should to Know About Insurance

Whether you are a first time condo buyer or a homeowner who is downsizing, there are five things you should know about insuring your condo.

Condo Insurance is Different Than Other Home Policies
Your condo association will have a master HOA policy that deals with coverage of building, grounds, and other external features. Your own policy covers personal possessions, appliances, and some other unit features. If you need to file a claim it can involve one or both insurers.

Resist the Urge to Ask About Cost First
Knowledge and trust are just as important. Speak to an agent ask them to explain the products to you as well as their features and unique coverages packages. The knowledge of your agent should be easily conveyed in a quick conversation either on the phone or in person. Knowing your agent is dedicated to serving you and their knowledge about the products is often more important than the cost.

Don’t be Fooled by Credentials
Lots of affiliations and accreditations mean nothing if your agent isn’t finding you the best coverage for the lowest premium. Ask your agent for testimonials. Think specifically about customer service, follow through when there is a claim, and if the agent renews the policy automatically each year or if there is an annual review where you are involved.

Flooding is Not Covered Unless You Purchase a Separate Policy
Many insurance purchasers know that a burst pipe isn’t covered unless you have an added flood policy but many policies also don’t cover homes for sewer and drain backups. If you are concerned about this in your coverage, be sure to ask if this is provided in your condo insurance.