How to buy a condo insurance policy
Buying insurance for condominiums doesn't have to be difficult. Here are a few basic steps to follow to get accurate quotes and buy the right HO-6 condo policy.
- Calculate how much condo insurance you need. Include the value of all of your personal property, and make sure you know what your HOA covers so that you buy the right type of policy. You may need more or less dwelling coverage, often called building property coverage on a condo policy, depending on the HOA coverage.
- Request quotes from multiple companies. Ensure each quote uses the same coverage amounts for a fair comparison.
- Review the quotes and the coverage listed. Look for any differences including any extras one policy might include that another doesn’t.
- Research each company carefully. Examine their complaints history, claims satisfaction rankings, and financial stability. Third-party sources like J.D. Power and AM Best can help. Insurance.com also has a ranking of the best condo insurance companies.
How to get a condo insurance quote
There are a number of ways to get condo insurance quotes, including through online quote comparison tools, directly on insurance company websites, and by contacting an agent or insurance company directly.
How you choose to shop for condo insurance is up to you, but if you need help understanding what condo insurance is and what it covers, working with an agent can be helpful. Even if you have bought homeowners insurance before, there are differences between home and condo insurance you should be aware of.
However you approach it, make sure you are getting quotes from multiple companies. One of those companies should be the insurance company where you have your car insurance; a bundling discount is a good way to get cheaper rates on both policies.
How to compare condo insurance quotes
The price is the first thing everyone looks at when getting back a condo insurance quote. How much you’re paying for coverage matters, but so does the coverage you’re getting for that money.
To compare quotes, take the following steps:
- Look at each coverage amount and the deductible to ensure they’re the same. A higher deductible will lower your rate, and some companies will do this automatically in a quote to make it look like a better deal.
- Look at the discounts. Are you getting all of the discounts you qualify for? Are there discounts one company offers that another doesn’t? How much are you saving with discounts on each quote?
- Check for any add-ons. Some companies include extra coverage standard that is an endorsement with other companies, adding value to your policy.
As mentioned above, make sure the quote you choose to buy your condo insurance is provided by a reputable company. Cheap condo insurance is only as good as the company behind it.
