The median age of Arizona residents is 35.9 years. With a huge college population, along with a many outdoor offerings, AZ attracts residents from across the nation. Whether you're a long-time resident or a recent transplant, the state of Arizona has a lot to offer.
Arizona has a very strong real estate market, and rentals are affordable and occupied quickly. The Phoenix area is home to more than 60 percent of the poulation of the state, meaning that it's a busy, crowded city, with lots to see and do.
No matter where you live in the state, if you call a condominium home, you need to protect your assets from risks like rain, wind, fire, and theft with a condominium insurance policy.
Living in a condo is the perfect solution for many individuals and families. It's a perfect step toward home ownership for some. For empty nesters or retirees, a condo provides a secure place to live, with the benefits of landscaping, close neighbors, and options for pools or fitness centers.
One very important factor in living in a condo is maintaining insurance. Condo insurance protects your assets, and your financial well-being, from liability, lawsuits, and disasters.
Condominium insurance is a set of policies designed specifically for your individual situation. It protects you from the most common risks associated with living in a condo. A typical condo insurance policy may include the following:
No matter whether you own or rent your condo, you need condo insurance. For those that own their condo, insurance is required by the lender until the loan is satisfied. For renters, insurance isn't required by law, but it's a wise idea to have renters insurance so that your belongings are covered in case of crime or natural disaster. Unfortunately, landlord insurance does not typically cover personal belongings. Additionally, landlord insurance doesn't protect you from lawsuits or liability.
Condo insurance prices differ due to many different factors. When searching for condo insurance, be sure to have the following information available for your agent in order to get an accurate quote:
Each of these factors will be used to calculate your individual condo insurance quote. Additionally, when getting a quote, you will be given options for reimbursement:
Additionally, you will have options when it comes to risk. There are two types coverage:
There are usually many discounts available on insurance policies, but since each insurance agency offers different discounts, the list below only outlines the most common discounts. Here are a few of the discounts you may be eligible for:
This list is not exhaustive, and you may be eligible for different discounts than those mentioned above. Be sure to ask you agent about any other discounts you might be eligible for.
Getting your assets and finances protected with a condo insurance policy is an important step, and it's critical to have a professional by your side to ensure you get the best coverage for your situation. A Trusted Choice® agent is always available to help you suggest policies, find discounts, and even help you file a claim.