What Is Condo Insurance?

When you purchase a condominium, you want to protect that investment in case of adversity — whether a fire, plumbing catastrophe, liability or theft, to name a few. The condo association should maintain insurance on the building, but it will not deliver all the coverage a condo owner needs. A condo policy is a contract between you and an insurance carrier. You agree to pay premiums in a timely fashion, and the carrier agrees to provide you with specified coverages. 

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Replacement Cost vs. Actual Cash Value

There are two main valuation methods when it comes to homeowners insurance—replacement cost coverage and actual cash value coverage. By understanding the difference between these valuation methods, you can make informed decisions about your homeowners insurance and secure coverage that meets your needs.

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Named vs. Open Perils

Insurance policies are often filled with terms that can be difficult to understand, particularly for the average insurance buyer. Of these terms, “named perils” and “open perils” are some of the easiest to confuse. When it comes to understanding what their coverage entails and ensuring their policies are adequate enough to protect against the most common risks, homeowners need to have a basic understanding of how perils are used in their insurance contracts.


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