Buying a condo is different from buying a house in a number of ways. First of all, you may well wind up having two separate insurance policies. This is because your condo association is, collectively, responsible for the exterior of the structure. Yes, you own a part of it, but it’s difficult to divide the exterior of a building up among a dozen insurance companies, so insuring the building itself will typically be handled through your association. And then you’ll also likely be carrying condo insurance to cover your own possessions and liability in your home, sort of like renters insurance.
Your condo association can recommend certain insurers to you, and it may be easy to go with whoever’s already covering the building, but in Altamonte Springs FL you are free to go with whatever insurance provider you like.
Different insurance companies will evaluate how much condo insurance you’re carrying on the building by different methods. Typically this involves measuring square footage and evaluating risk. Fortunately, you don’t need to break out the tape measure or anything, as this is the part of your insurance that your association takes care of. Your job is to consider how much insurance you want to carry for your own possessions and liability.
So we have a couple of rules of thumb here:
- For possessions: Take an inventory of all your valuables, or assume $40,000 in belongings for the first thousand square feet and $10 for each additional square foot
- For liability: Add the value of your assets to five times what you earn in a year. This buys you a cushion to keep from being bankrupted by liability claims.
If you’re still shopping for insurance for your Altamonte Springs, FL condo, call Blanchard Insurance, or visit the Blanchard Insurance website for the protection you need.