Idaho is one of the fastest growing states in the nation. Unaffected by the real estate crash, people have continually flocked to the state. For many individuals, couples and families, a condo is the perfect solution. Whether they rent or own, having amenities such as a pool, fitness center and built-in landscaping are large pluses that are otherwise expensive in a traditional homeowner's setting. Whatever your reason for renting or owning a condominium an Idaho, it's important to cover your belongings and your investment with a condo insurance policy. The following information can help you decide on policy options before you start your search for quotes.
Owning or renting a condo or townhome is a viable solution for many families in ID. It is important, however, to consider what would happen if someone suffered injuries while in your condo or if your condo was burglarized or damaged during a storm. While many renters and condo owners believe that the owner's insurance policy covers their belongings from damage, this is not true. Typically, the master insurance policy held by the association covers the condominium units "to the studs," which means that their coverage ends at the walls. Everything from the walls-in is your responsibility to cover. That's why condo insurance is so important.
Condo insurance is a grouping of insurance policies specifically designed with your needs in mind to ensure your financial well-being and insure your belongings in the event of a disaster, injury or crime. A typical condo policy in ID may resemble the following:
Each of these policies covers different occurrences, so it's important to make sure your coverage covers all your risks. In order to properly cover your belongings, it's important that you have an accurate home inventory. Go through each room of your home, inventorying all your belongings. Write down any serial number and value for each item, along with pictures or video. Once you have listed all your belongings, calculate a total. Typically, you will want to double this amount to make sure you have enough coverage in case of a total loss.
When it comes to reimbursement, there are two options: Actual Cost Value and Replacement Cost Value. ACV gives you the worth of your belongings, taking depreciation into account, while RCV pays you for the cost to replace the item, without depreciation. While RCV is more expensive, it is a wise investment to make.
When you purchase a condo, your lender may require you to carry insurance on the condo until the loan is paid. It is a wise idea to keep insurance on your condo even if you own it outright, as disasters, injuries and theft do happen. Even a simple slip and fall or dog bite can cost tens of thousands of dollars.
If you rent a condo, you may believe that you don't need rental insurance. Typically, even a renter owns $20,000 worth of belongings. If a disaster happens, you could be paying for these items out of pocket. Rental insurance is not only affordable, but it's a critical step in responsible renting. Accidents, crimes and injuries happen, regardless of whether you own or rent.
There is no set amount for cost, as many factors go into calculating condo insurance quotes for residents of Idaho. Nationally, the average price for a rental insurance policy in 2010 was $185 a year. When searching for condo insurance, it's important to be familiar with a few factors in order to get accurate quotes. Your insurance agent will probably ask the following:
There are usually discounts available for every insurance policy. Before purchasing, make sure to ask about discounts. These may include the following:
This list is not exhaustive, and there may be other discounts available based on your individual lifestyle.
When making the decision to purchase condo coverage to protect yourself and your belongings, it's a wise idea to have a knowledgeable professional by your side. A Trusted Choice® agent is always available to discuss coverage, recommend policies or discounts, and even help you file a claim.
Contact your local Trusted Choice agent for more information and coverage.