Money Saving Articles

Cut Expenses - 5 Ways to Cut Condo Insurance Expenses

Clean and fresh and with all the right amenities, condominiums provide residents fine living in tight spaces. But because much space is shared, it's often unclear who is responsible for maintenance-and who should pick up the tab when accidents occur: the condo association or the resident?

Though the association's general insurance policy covers the building's structure; common areas like pools, shared walkways and basements; and the property and grounds, it may or may not cover items like interior fixtures, drywall, appliances and carpeting-making condo insurance absolutely necessary for condo owners.

Benefits of Condo Insurance

For condo owners with the right insurance policy, there's no need to worry when the tub overflows and ruins a neighbor's ceiling, hail damages the roof, or a friend trips and falls while visiting. Once an insurance claim has been filed, the appropriate insurance company picks up the tab, providing money to repair damages, replace what's ruined and, when necessary, pay medical bills.

This provides financial stability for the condominium owner and helps ensure:

1. Possessions like furniture, clothing, electronics, art and appliances can be repaired or replaced
2. Liability coverage in case someone is injured or suffers a loss while visiting
3. Coverage for additions or changes made to the original condo structure
4. Clean-up takes place following disaster

Before purchasing insurance

Read your their association's bylaws and make sure you understand what the general policy covers.

Tips for Getting the Best Insurance Rates

1. Insure both your home and car with the same company

You could save up to 20 percent

2. Install Protective Device

Add smoke detectors, fire alarms or sprinkler systems to the condo and save up to 15 percent more

3. Limit Claims

Save up to 20 percent if you've had no claims in the past three years

4. Determine when condo was built

You may get up to 30 percent off, based on your condo's age

5. Consider your age

You could get up to 15 percent off if you're 60 or older

Tired of overpaying for insurance? Click below for free:

With over 20 years of experience as a personal financial educator and counselor, Vernon Williams has developed in depth knowledge of what it takes to achieve financial success. Today, he is a sought after trainer and speaker by organizations from both the public and private sector. He is the author of 425 Ways to Stretch Your $$$$ and 3 Rules that Guarantee Financial Success. Visit him at http://www.howtocutexpenses.com

Disclaimer   ·  Privacy