Get Secure With Seattle Condo Insurance Special Offers

Seattle Condo Insurance | By Condoleezza Carello
Posted: 05/01/2012 3:35 pm
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Why You Need Condo Insurance, Seattle Condo Owners

The big lie about Seattle condo insurance is that you don’t need it because the association has a master insurance policy. But what you may not know is that the master policy of almost every single condo complex in Seattle only covers certain portions of the condo itself. You see, because of the way that condominium complexes work, you own your unit but share ownership of the rest of the complex with all of the other unit owners there.

Seattle Insurance Takes the Burn Out of the Flame

And this is what is covered by association condo insurance: the commonly owned property, the actual building and liability for the association. This leaves you many uncovered portions of your condo insurance. For example, break-ins, robberies, in-home injuries (like slipping on a wet floor) or even water damage from that crazy party you threw are all your responsibility as a condominium owner. And that’s just to name a few; the list goes on and on. If you are not sure what your condo unit’s master policy covers versus an individual condo insurance, give us a call at 800-470-8208, we’ll be happy to help you sort it out.

What Does Seattle Condo Insurance Cover?

This is exactly why you need condo insurance. To protect yourself from liability claims, slips and falls, earthquake damage, personal property loss or even property damage to others. And because each association insurance policy covers different aspects, you’ll have to go through your specific association policy for the particulars. As a general rule, you’re responsible for everything inside the exterior walls including interior, fixtures, personal property and liability so you will need your own condo insurance.

Most Seattle condo insurance policies you can buy will cover losses due to:

  • Lighting damage
  • Fire
  • Water damage
  • Wind and storm damage
  • Smoke damage
  • Vandalism to property
  • Mischief with malicious intent
  • Theft

Each Seattle condo insurance policy will differ greatly so you can be sure to find specially tailored condo insurance. In fact, it’s fast, easy and actually fairly cheap to buy Seattle condo insurance nowadays. You can either spend a couple hours getting condo insurance quotes from all the top condo insurance companies yourself, or spend a few minutes calling us at 800-470-8208. We’ll shop several highly rated insurance companies and find you the best rate in just a few minutes. But first, let’s go over some important questions you need to ask yourself in order to ensure that you have the right condo insurance.

What Type of Master Policy Does My Condo Association Have?

Typically, there are two types of Seattle condo insurance master policies that condo associations use.  There are variations from condo to condo so you will have to check your association’s bylaws before beginning to search for your condo insurance.

  • Bare walls-in. This condo insurance covers from the exterior framing in, but doesn’t cover installations and fixtures like countertops, sinks, faucets and the flooring.  If you have this type of master policy, you will certainly need extra condo insurance.
  • All-in. This Seattle condo insurance master policy does cover fixtures, installations and additions inside individual units.  This includes floors, ceilings and walls as well.  If you have this type of master policy, you will need only certain or limited forms of condo insurance.

What is My Association’s Insurance Deductible?

Because condo associations normally have commercial insurance covering the building areas which are shared by all condo unit owners, damage to these areas typically have a deductible which is split equally between all unit owners.  You’ll want to have this amount handy when checking on condo insurance.  It will help a Seattle condo insurance agent, or us if you decide to give us a call, to better understand your exact needs. Part of your condo insurance policy can cover this deductible if it is a covered loss.

Just How Much Seattle Condo Insurance Coverage Do I Need?

A Seattle condo insurance expert can better help you answer this question based on your individual assets and desires, but there are a couple rules of thumb to follow with your condo insurance:

  • Estimate your condo insurance coverage amount by asking how much other unit owners in your development paid for newer upgrades and installations.  For example, pay attention to neighbors who install new flooring, counters or cabinets and ask them the prices they paid.
  • Estimate half of the market value for your interior structures this way you will be sure to be able to recoup enough to replace your responsibilities (as per your master policy) with your Seattle condo insurance.

Do Condo Owners in Seattle Choose a Cash-Value or Replacement-Cost Condo Insurance Coverage?

Most Seattle condo insurance experts will agree that replacement-cost is the way to go with your condo insurance, Seattle.  With a cash-value policy, you will only receive what, say your couch or TV, was worth, minus depreciation.  With a replacement-cost policy, you’ll receive the amount to buy a brand new couch or TV.  Be smart with your condo insurance, Seattle: get replacement-cost.

Did You Take Care of Content AND Structural Condo Insurance, Seattle?

Let’s say your condo was to tilt over and everything fell out of the window onto the ground.  The things remaining in your condo would be structure and the things on the ground would be content.  Depending on your association’s Seattle condo insurance policy, you’ll need to address both of these aspects of condo insurance, Seattle.  Look for the part in your association bylaws which describes common elements so your agent can help figure out which coverage applies to you.

Some examples of content are:

  • Furniture
  • Jewelry
  • Furs
  • Throw rugs
  • Electronics
  • Valuables and collectibles

Some examples of structure are:

  • Cabinets
  • Countertops
  • Flooring
  • Lighting
  • Fixtures
  • Carpeting

Keep the Weather In Mind When Choosing Condo Insurance in Seattle

We all know how much it rains here in Seattle and you’ll have to keep that in mind when looking for condo insurance.  Make sure that if you’re on the lower floors, you opt for flooding coverage, the higher floors: wind damage protection.  Be smart about where you reside.  Ask your Seattle condo insurance agent, or call us at 800-470-8208 for more details on how you can plan ahead for any natural disasters.

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