HOMEOWNERS AND CONDO INSURANCE
Your home is your castle. Protect it like one.
The most substantial investment most people will ever make is their home. Protect your residence, and your future, with a tailored, comprehensive homeowner’s or condo insurance plan.
Consider our homeowners and condo insurance services.
Purchasing and owning your own home has never been more expensive. Since the biggest investment most people will ever make is their home, our team wants to help make sure you have the coverage you need in the event of a fire, water damage, theft, and more.
If your home is a condominium, you will need specific types of coverage. We want to help educate you about the differences, and make sure you make informed choices about your specific needs.
What coverages are available under homeowners insurance?
Comprehensive homeowners insurance can protect your home, other structures on your property, and your personal belongings, such as furniture, clothing, and appliances. A comprehensive policy can also cover additional living expenses, home replacement, and protect you from personal legal liability.
What about coverage limits?
Too many homeowners find out too late that their insurance policy has limits that leave their personal and business property at risk. This has been especially true for homeowners the last few years as inflation has impacted replacement costs to repair or rebuild a damaged home.
Marshall+Sterling will work with you to estimate replacement costs, including any alterations or improvements you make to your property, and additional structures built on your property. We will help you max out your liability on a basic policy and then show you how umbrella insurance can secure the rest of your needs.
Do I need scheduled personal property coverage?
For an additional premium, Scheduled Personal Property (SPP) insurance provides coverage for loss or damage to certain categories of personal and business personal property items whose value or risk potential exceeds the personal property coverage available under homeowner’s, condominium, mobile home, renter’s insurance, or under other optional coverage endorsements.
If your home is part of a Homeowners Association, you may have additional considerations, like Loss Assessment Coverage, which provides you with added protection in case a claim made against the association exceeds the association’s policy limits.
What are the special considerations for condominium owners?
Owning a condominium adds an additional layer of complexity when determining homeowners insurance coverage because your home is attached to other homes in the community, sharing walls, roofs, and common areas.
For example, your condo buyer’s prospectus almost certainly contains an insurance section with specific insurance requirements. Additionally, you want to ensure that your policy will cover full replacement cost.
Do I need loss assessment coverage?
Similar to the way a detached home is part of a Homeowners Association, your condo is as well. Consider obtaining Loss Assessment Coverage to protect your investment in the event a claim made against the association exceeds the association’s policy limits.
Also, many insurance companies will offer discounts and credits depending on security systems in place, resident minimum age requirements, and other modern amenities incorporated into your community.
While you should always check with your homeowners association and your own personal attorney, Marshall+Sterling can help you ask the right questions so you can make the best informed decision about the insurance you need.
We’re here to help you succeed.
Learn how homeowners and condo insurance can help you manage your personal risks. Reach out to us today.
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