Get the Condominium Owners Insurance That Best Meets Your Needs

Condominiums are an increasingly attractive option for young people these days who can’t afford to buy houses in the suburbs and fear the traffic in and out of the city each day. A condominium, or flat, allows them to live centrally, within walking distance of work and night life fun.Contents condominium owners insurance is important, and as you compile that essential inventory with the photographic ownership evidence you should break your classification into these main categories:• Clothing
• Furniture
• Appliances
• Electronics
• JewelleryIt will almost certainly be the case that you require separate contents cover on these items, especially jewellery; it is capped by most insurers at $2500 – total, not just per item – so you need to organise something realistic there.Liability for other people’s health and safety while in your flat is also something to consider. You really should, unless your body corporate master policy specifies otherwise and exempts you, arrange cover that insures you against claims for hospital and medical expenses by visitors who trip, fall or bang their heads and decide that their stupidity was your fault.Now here’s an eye-opener: flood and earthquake damage are not automatically covered by your body corporate policy, and each must be covered separately at your initiation. Check with the complex manager, though, and if he’s no use then chat to your solicitor, because some of the body corporates cover EQ and flood while others don’t, and you want to know also the limit of your cover if your body corporate does claim to cover them. It might still be worth organising your own policy if the body corporate’s policy would be for market value only and not replacement value.Your quest for a good condominium owners insurance company should not differ in the essentials from that for a homeowner’s or householder’s cover.You want to know that the company has a good reputation for reliability in honouring claims, that it is strong on customer service and support, that it is up front about discounts and that it has given you all the information you need in plain English about what’s involved in filing a claim.The important thing is to get on-line and shop around for the condominium owners insurance that best meets your needs, and that is presented by a company in good standing with all interested parties – the most important of whom are the policyholders past and present. Good word of mouth counts for more than mere advertising.