Buying a condominium is one of the biggest financial investments a person makes during the course of his or her lifetime. Knowing that your property is properly insured could go a long way toward helping you sleep better at night. It’s a good feeling to know that if something happened, such as a windstorm or fire, you would be able to rebuild and replace your personal belongings.
Vanyo Insurance Group has experienced agents who can help you find the right condo insurance for your needs. We understand the common risks Arizona residents face within their condos, and how to evaluate what’s at stake when it comes to your personal financial protection as well. Once we’ve outlined what coverage would be best for you and your family, our relationships with multiple, financially strong insurance companies allow us to offer just the right condominium insurance policy to give you peace of mind and fit your budget.
Condo Insurance Options
As with other types of personal insurance, there’s more than one type of condominium insurance and options vary. Beyond the standard coverages and the amount chosen, there are a number of endorsements that may or may not apply to your situation. For example:
Replacement Cost Coverage – The standard homeowners insurance (or condo insurance) form provides what is referred to as “actual cash value” or “ACV” coverage for your personal property. What that means is that if your 36” tube TV were to get zapped by a lightning strike, you would likely not be able to recover anything from that loss due to the actual cash value of a 36” tube television being somewhere around $100 or less due to depreciation. Knowing this, many people opt for what is known as “replacement cost value”, or RCV for their personal property. With RCV, should the same event happen as before, the 36” tube TV would be replaced with a comparable 36” flat-screen TV. In both cases, your final settlement would have to consider your deductible among other things.
Special Limits for Collectibles – Your coverage needs for property inside your condo will vary depending on what you own. As you might expect, if you have a lot of valuable items, you will likely need more coverage as well. It is also important to note that there are special limits for certain types of personal property, such as jewelry, collectibles, cash, and guns. For example, there is a $1500 limit on losses due to the theft of jewelry, watches, furs, precious and semiprecious stones. Such items may need to be put on a schedule or require additional policies to be fully covered.
These are two good examples of why it is important to work with an independent insurance agency such as Vanyo Insurance Group. As an independent agent, we will work with you, so you understand your options. We’ll also check condo insurance rates with many of the insurance companies we represent, ensuring you receive the best value possible.
Bundle Policies to Save on Condo Insurance
If you require auto insurance in addition to condo insurance, discounts are likely available. Ask us about bundling your condominium insurance with other policies to see how much money you can save!
Contact Vanyo for a Condo Insurance Quote
Whether you own a single-family home or a condominium, or if you rent your home, Vanyo Insurance Group can help you financially protect your property. A free consultation with one of our agents could help you find the right condo insurance and personal policies to suit your life situation. Contact Vanyo Insurance Group today to begin your no-obligation insurance quote.
