People throughout New Jersey, New York, and Pennsylvania have depended on Insurance Center of North Jersey for nearly 8 decades for a wide range of insurance coverage needs. One of those needs that’s on the rise today is for condo insurance. Whether your condo is your primary residence or a vacation home, you need to protect the investment you’ve made with a sufficient condo insurance plan to cover the costs of damages that may occur in a covered instance.
Why is Condominium Insurance So Important?
Most people are reluctant to invest in condo insurance because they believe their unit is already covered by the condo association policy. Unfortunately, many don’t learn until after the fact that the association plan only covers the basic structure and common areas of the condo.
What does that mean for you? It means that floor coverings, window coverings, cabinetry, tile, hardwood floors, appliances, even faucets and other features used to improve the area inside your condo aren’t covered under the policy.
The condo association policy also doesn’t take into account certain issues such as increasing code standards that must be met in the rebuilding process after accidents and disasters occur. That’s why it’s so important to get condo insurance to cover all the contingencies for your unit.
What Types of Condo Insurance Do You Need?
While some individuals have more specialized needs, the coverage types listed below are common needs shared by most condo owners. Make sure you discuss your needs with your local independent insurance agent in order to determine specific additional needs you may have such as rider policies, according to the items inside your condo and the location of your condo. These, though, are the basics, you’ll definitely want to seek coverage for.
Building Property Insurance
This includes the basic structure of your condo – the actual building itself. Add-ons, installations, and such are included in this coverage which extends to items such as cabinetry, flooring, and kitchen countertops. This coverage is sometimes called Improvements and Betterments.
Personal Property Insurance
This coverage applies to the personal property inside your condo, such as furniture, clothing, and appliances.
Loss of Use Coverage
This insurance offers protection for those who need to make other living arrangements while repairs from covered damages are being made. Generally, it offers a standard of living similar to the one of the condo unit itself though some policies set a dollar amount as the limit.
Liability insurance is increasingly necessary in today’s litigious society. Whether someone is injured in your unit, you can rest easier knowing you have adequate personal liability insurance coverage to handle most situations. You can also opt for a rider policy that provides additional liability protection if you feel the liability coverage in your condo insurance policy isn’t adequate.
Provides coverage in the event that the Condo Association suffers a loss to commonly owned property which exceeds the amount of coverage in the Master Policy and all unit owners are assessed the condo association.
Absentee Ownership Insurance
Not all condo owners live in their units. Some rent them out as investment property or are holding onto them as vacation and/or retirement property. Either way, if you’re not living in your property year round, you’ll have somewhat different insurance needs than those who maintain a physical presence in their units throughout the year.
Why Choose Insurance Center of North Jersey?
Insurance Center of North Jersey is an independent insurance agency which offers many benefits to you, the consumer, including each of the following.
- Flexibility Among Providers – This leads to lowest possible rates for your condominium insurance coverage.
- Wide Selection of Providers – This means we can find the best policy to meet your specific insurance needs.
- No Ulterior Motives – Because we’re not beholden to one particular brand or company, we have no reason to try to convince you to buy policies that are not right for you.
- Personal Service During Claims Process – We’re a local business, located in Hackensack, NJ, and not some conglomerate with a call center located oceans away.
Please call Insurance Center of North Jersey today at 201-525-1100 and let us put our experience to work finding you the right insurance policy for your needs.