In the modern world, people prefer to reside in condominiums than in a bungalow or countryside because of its manifold reasons like they provide more services than the required price. Condo associations provide luxurious services to the residents and there are countless amenities which make life worth living for. But all these luxurious services and amenities will be of no use if you won’t be able to protect your home from natural calamity. Although, it is something that sounds impossible, you can buy a good insurance policy which will cover the losses and help you in bringing back the comfortable life you had in your house.
If you are looking for a top-notch township to buy a condo then you can visit the website of Avenue South Residence where you will get to choose your desired floorplan and buy the best condo at a very low rate. After buying your desired condo, your next step is to buy a master insurance policy that covers everything which is important.
The three main types of master insurance policies for condominiums:
All inclusive coverage – This kind of insurance covers whole condominium and everything which comes in it i.e. furniture, fixtures, appliances, improvements, maintenance, etc. This kind of policy is best for the situation if you have to return the property in the same situation as it was bought or if you are living in a natural disaster prone area. It gives the most comprehensive coverage in all three kinds of the master insurance policy.
Bare wall-in – This kind of master insurance policy covers the least area of your condominium but is enough to cover the major losses. It includes the mainframes of the whole condo i.e. all the bare walls and it also covers the major fixtures on the common walls of the house. Some agencies might also give you coverage of part of the property with is collectively owned by an association of your condominium.
Single Entity – This policy is more like the bare wall policy but it covers all the condominiums in the building. This policy is usually given by the builders and residents will have to buy insurance for their personal properties only. In this policy, the whole architectural structure of the building is covered and also the fixture is already installed by the builders.
Thus, before buying or shifting in your new house, check which of these policies is given by the builders and if they are not giving any then you should consider buying it by yourself to make your stay safe and tension free. It is due to the fact that the type of insurance of your condominium will eventually affect your pocket so you should get the details of the insurance from the condo association before finalizing your deal.
However, if you are living in a risk-prone area like an earthquake, seasonal floods, etc. then you should make sure that your condo association is covering those damages in natural calamity or not? If they don’t then you have to get separate insurance to mark your financial safety with policies like flood insurance or whatever is suitable in your geographical area.