When it comes to purchasing condo insurance, the amount of coverage you need depends on several factors. In general, the most important factor is how much coverage is required by your condominium association’s insurance policy. Suppose the policy has a minimal amount of coverage specified. In that case, you will want to purchase a policy from Peninsula Underwriters Insurance Agency that matches or exceeds that amount, depending on your personal needs.
In addition to the condo association’s policy and requirements, other factors such as location and your personal assets should also be taken into account when determining how much condo insurance coverage you should purchase. Generally speaking, if you live in an area prone to natural disasters like hurricanes or floods, like in Gainesville, FL, then it is wise to invest in more comprehensive coverage than the association requires.
When shopping for condo insurance policies, there are a few key terms and levels of coverage to understand:
This covers third-party property damage and bodily injury caused by an insured event (such as a fire). It can also cover medical expenses associated with an injury sustained while on your property.
Personal Property Coverage:
As its name suggests, this type of coverage provides financial protection in case any of your possessions are damaged or stolen. Depending on the plan you purchase, this can include items like furniture, clothing, electronics, and jewelry.
Additional Living Expenses:
This type of coverage helps pay for additional living expenses that may arise from an insured peril like a fire or flood causing significant damage to your home such as hotel stays and restaurant meals.
Give Us A Call
For more information, call Peninsula Underwriters Insurance Agency today. We proudly serve the Gainesville, FL area.