Shopping for Scottsdale Condo Insurance?

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Not all Scottsdale Condominium Insurance policies are created equal

Shopping for the right Scottsdale Condominium Insurance can often be a confusing experience. We’ll help you navigate the many questions that surround condo owners.

In many Scottsdale Condominium Communities, the condo association insures the basic building and exterior (walls, roof, floors, elevators) but leaves you the responsibility of insuring appliances, flooring such as tile and carpeting, cabinets, wall coverings, light fixtures, appliances, and other items in your unit, and in some instances the interior wall). Again, we cannot emphasize this enough, review and retain a copy of your condominium association’s master insurance policy and CCR’s to determine the specific coverage their policy will provide in the event of a loss.  Know your Condo Insurance Coverage.

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Condo Insurance Coverage Options

Building Property:  Building property coverage is also known on condo insurance policies as Coverage A. *Building Alterations, additions and improvements to your unit as well as fixtures and equipment installed as part of the building are typically your responsibility and should be insured under your own condo insurance policy. If you are unclear, review your condo association documents.

Personal Property: Personal property condo insurance coverage protects property in your home like clothes or furniture. It also provides protection for your personal property with you while away from home in many places throughout the world. In the event of loss or damage of any of your private property within the condo, you are responsible for it. Our recommendation is to calculate all your personal belongings inside your unit for replacement cost, which is the cost to replace the item, not its depreciated value. This would be everything from your socks to your flat panel TV and everything in between.

Loss of Use:  Should a fire, explosion, tornado or other insured loss severely damage your unit, you could need a substitute place to stay. Loss of Use coverage will cover the necessary increase in cost to maintain your standard of living. The amount of coverage is either a dollar value or may be limited to your actual costs for up to a specified time.

Personal Liability Protection:  Personal liability coverage protects you if others make a claim or bring suit against you for bodily injury or property damage for which you or a member of your family are responsible, either in your home or elsewhere and to which coverage applies.  In addition to settlement costs, this coverage may pay defense costs and court costs — even if a suit brought against you is groundless.  It is essential that you select liability limits high enough to protect your assets.  If you need more protection than your regular policy limits, consider a personal liability umbrella policy.

Guest Medical:  This coverage pays medical expenses up to the limits in the policy for people who are on your premises with your permission and accidentally injured. The coverage also extends to people accidentally injured by your activities. However, the coverage does not pay for medical expenses for you or members of your family that live with you. Loss Assessment. If your association requires an assessment onto all unit owners for a certain covered loss, this policy would pay for your share, up to your policy limits.

Bundle your Scottsdale Condo Insurance & Auto Insurance to save money

Package your Scottsdale Condo Insurance with Scottsdale Auto Insurance and save more money.

Important steps you will want to take before your purchase condo insurance

1. The first and most important step is to obtain a copy of your condo association’s master insurance policy from your Realtor or Condo Association or Management Company.
2. Review the condo master insurance policy to determine what coverage (if any) you will need to provide for your condo.  It is important to note that many condo association insurance policies only provide basic property coverage for the exterior structures and liability coverage for the common areas.
3. Purchase an condo insurance policy or commonly referred to as an HO-6 policy.  This type of policy can provide building property coverage for the interior of your unit at your specified limit (commonly referred to as walls-in coverage).  It can also provide personal property coverage for your personal belongings such as clothing, furniture, bedding, kitchenware, and electronics.  Additionally, a condo insurance policy can provide medical payments to injured guests visiting your condo, additional living expenses (if a covered loss occurs and your unit is unlivable) and personal liability protection coverage in case of a lawsuit to protect you and your family members.