5 Mistakes to Avoid When Purchasing Condo Master Insurance
- 4 years ago
Choosing the right insurance policy for that condo purchase is an even bigger deal than getting a condominium itself. With a myriad of providers, terms, and conditions, it is easy to get swayed into purchasing the wrong policy.
Checking the details of what is on offer is a must before buying any condo insurance. Options such as the condo master insurance policy provide those details for all to go through. There are still inevitable mistakes that buyers tend to make, which can be avoided with the right type of awareness.
Eagle Eyes over the Oversights
A host of measures and tips are available to help you make the best out of your purchase. They are not complicated, either, which means they will be easy to remember.
Disregarding the Deductibles
The foremost thing on everyone's mind when going for insurance is the cost of premiums to be paid. While considering that aspect, the deductibles that come with the policy get sidelined or ignored completely. It hits you with a loss when it comes to making a claim.
Condo master has a variety of coverage options under its policies. They cover different components of the property, both inside and outside. Verifying what you are getting for what you are paying with your agent will help you avoid the shock of deductibles being neglected.
Reimbursement with Cash over Replacement
This mistake comes in at a close second. Most buyers go for a cash repayment option for their property when claiming a condo master insurance policy for damages occurred. The problem is that the cash-only policy covers items' value as they were when purchased or inventoried. This doesn't account for the depreciation that would have occurred before the claim is made, meaning you would be at a loss.
The best avoidance method is to opt for a replacement instead of cash repayment. While it comes with a higher premium, you will be covered completely should disaster strikes. You will gain the full amount for a new item that's equivalent to the one destroyed.
Missing the Finer Details
Rushing through a new policy in the rush of happiness of getting a new condo is another common error. There could be significant points of interest in the small print that you could go unnoticed before signing, but will negatively affect you once you have signed. These could include exclusions on covered items, additional costs, conditions on claims, liability clauses, etc.
Consulting an independent agent who can decipher your policy's finer points is a sure-shot way of overcoming this oversight. They might even help you with knowledge not present on paper, but they've gained through experience.
Not Going “All-In”
You may be offered a bare-bones policy that will cover the cost of walls, ceiling, and floor of the condo only without knowing, called “Walls-Only.”
To avoid this, ask for an “All-In” coverage. While the premium will be expensive, you will have not just the physical structure of the condo covered, but the items within it as well. What’s more, it can also include coverage for damages that occur to other things such as shared spaces, compound walls, public light fixtures, etc.
A condo master insurance policy has various coverage options that one can choose from, and the corresponding premium costs to go with them. It is possible to confuse them all and neglect the option based on the assumption you might gain that it is expensive. This happens if you consider only the price when making the purchase.
An independent agent will help spell out all the options. This way, you choose what suits your budget and property coverage you need from the condo master insurance policy.
If your condo in Massachusetts needs insurance coverage, the condo master insurance policy is present to help. Just make sure you are covered right by following the above points too.
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