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Condo Insurance 101

Are you interested in finding out about if condo insurance is right for you? There’s a lot to consider when it comes to  finding the best insurance policy. Lets talk about what condominium insurance is, what it covers, what it costs, and more.

What is Condo Insurance?

Condo insurance exclusively covers the interior of your condo unit. Insurance for an individual unit is called an HO-6 policy. This is a specific policy that will provide you with a range of coverage. Generally an HO-6 policy will cover things like interior walls, appliances, personal property, legal fees due to a lawsuit, and liability claims due to a person’s injury or property damage. An HO-6 will also cover loss of use in the case your unit is considered unlivable due to fire or storm damage. Anything outside of your specific unit is typically the responsibility of your condo association.  The best way to think of it is in terms of who owns what.

How Much Does Condo Insurance Cost?

The average cost of condominium insurance can range from $100 to $400 a year, depending on a number of factors. Generally, the cost of your insurance depends on the amount of coverage you select and the value of your personal property. It’s a good idea to find the best deals on insurance by using websites that allow you to build, customize, and bundle insurance policies online. You can also get discounts by having your condo insurance under the same provider as your auto insurance.

How Much Condo Insurance Do I Need?

Finally, how much insurance you need depends entirely on your unit and the cost of your possessions. You can figure out a rough estimate by calculating how much it’d take to replace your personal items in the event of a fire or burglary. Connect with an insurance agent to ensure you’re getting the right coverage.

 

 

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Top 8 Blogs for Condo Owners

Whether you’re ready to finance, decorate, or even sell your condo, it’s conducive to have plenty of information at your fingertips. There are plenty of great blogs out there to help you find the information you need now, or could use in the future, when it comes to the complexity of owning your own condo. We rounded up a few of our favorites for you to look through or save for future reference.

Top 8 Blogs for Condo Owners

1.  Condo Association

A blog that deals with an array of different condo-living issues, especially financial related tips. Plenty of information on lending, insurance, and general condo-living information.

2. Condo Owner

Condo Owner is a blog geared towards resort condominiums, but there’s information for all condos available. Just a few of the issues Condo Owner touches on are banking, buying and selling, insurance, legality, and maintenance.

3. Condo & HOA Smart 

Provides important information against scams and risks for those looking to buy homes in condominium and homeowners associations. They have essential information for condo buyers, real estate agents, and board members.

4. Condo Law Guru

A blog run by an attorney, Beth Grimm, who is very familiar with condo and HOA legal issues. She breaks down the laws in layman’s terms and helps those who need information regarding condominium associations. As a result, Beth Grimm has already covered a plethora of issues you might run into or want to know more about.

5. Houzz

Perfect for finding decorating ideas for your condo! They feature photos of inspirational living spaces with a product directory, so you know which items to buy to replicate your favorite look. Most of all, they have a quite a collection of condo eye-candy.

6. CondoBlog

A great resource for city guides, tips, advice, market trends, and much more. They offer a lot of unique information about condo-living news.

7. My First Condo

Has a ton of information for first-time condo owners. Find resources for getting started, buying your first condo, mortgage, renovating, and co-ops, and more.

8. Evercondo Blog

A community blog that includes “tips, interviews, and trending topics on the ins and outs of condo living and management.” Find information about all sorts of issues like budgets, avoiding issues, property management.