How to save money on homeowners insurance for your condo

Homeowner’s insurance for condominiums isn’t as straightforward or flexible as other residential properties, but with the right information you can get exactly the coverage you need.

The following tips should help get you started in the right direction:

  1. Know what your master policycovers.
    You should know exactly what your monthly dues are paying for and what you are responsible for on your own.
  2. Check for coverage on water damage.
    Make sure you’re well covered for this, water damage happens more often than you think.  Furthermore, taking steps to help prevent excessive water damage might help reduce your premium.
  3. Take inventory
    Making an inventory of your belongings will help you decide on the right amount of coverage for your personal property.
  4. Check for available discounts
    Simply installing some safety devices may lower your monthly insurance bill.Below is a list, (courtesy of move.com) of safety tips.  Once installed (or verified), call your insurance company and talk to them about lowering your premium:
  • Security system (offers an average of between 5 percent and 15 percent discount off your insurance policy, depending upon the provider)
  • Carbon monoxide detectors
  • Smoke detectors
  • Sprinkler system
  • Dead-bolt locks
  • Heat detectors
  • Fire extinguishers
  • Handrails installed alongside stairs
  • Fire escapes (if present) that are easily accessible
  • Wiring system which is both up-to-date and adequate for multiple appliances, which prevents overloading of sockets (a fire hazard)
  • Heating system which is both updated and regularly inspected by a professional

Additional resources on condo ownership:
www.megalaw.com
www.condolivingtoday.com

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