If you have a condominium is insurance mandatory? We are all well aware that liability car insurance is mandatory. Homeowners insurance is mandatory as long as you have a mortgage to pay off. And even after that, it’s always highly recommended to keep. However, renters insurance is not mandatory, though it’s also a good idea to obtain it.
In terms of its size, since a condo lies somewhere between an apartment and a house, are you obligated to get condo insurance?
Whether you already have a condo, just bought one or are thinking about getting one, you likely have questions about insurance. Can you get condo insurance? Or is it simply the same as homeowner’s insurance? And do you even need it?
First of all, a condominium is not a house. Therefore, the insurance policy is going to differ. Second, rules and policies differ from complex to complex, so be sure to ask any and all questions to make sure you get the right coverage for your condo.
Why not have your college student pack an insurance policy along with her small fridge? Students take quite a lot of expensive personal property with them to school. Books, computers, televisions, and video game consoles to name a few. So how do you insure all of this?
There are basically two options for insuring a dorm room. One option is to add the dorm room to your current homeowners insurance. Usually this will cover the dorm for 10% of your current policy. Say you had homeowners insurance for $200,000, the dorm would be covered for $20,000. Make sure to check with your insurance carrier, because some carriers don't offer this option.
Actuarial data for car insurance carriers is much more nuanced than it is for renters insurance, which only uses a handful of ranking factors.
Nevertheless, it’s still helpful to know which numbers the carriers are chomping behind the scenes so you can hopefully save money on renters insurance going forward. The more personal property you own, the more coverage you need to replace it. This is the main driver of how much a renters policy will cost.
Is bundling your auto insurance and homeowners/renters insurance actually worth it? It's not necessary but may have some advantages. Most carriers offer discounts for bundling and many people choose to bundle for multiple reasons. However there is always another side to the story. What the are pros and cons to bundling?
The most obvious advantage is that you only have to deal with one insurance carrier. That means you only have one renewal date to remember and theoretically it would be easier to manage.
At first glance the difference between homeowners and renters insurance is obvious. One is for folks who own their homes; the other for renters. But that’s the main difference, right? For the most part, yes. But it’s also important to make a vital distinction.
In terms of homeowners, the first insurable factor is rebuilding the home. Accordingly, carriers will arrive at rates based on two factors concerning the home. The first is the quality of the house or apartment; the second related directly to the belongings inside of it.
In the slightly confusing insurance world, renter’s insurance is something of an oasis of clarity. Renter’s insurance protects the property of those who rent their homes against theft and damages caused by accidents (fire) and natural disasters (hailstorms, lightning, wind).
Despite its intrinsic straightforwardness, renter’s insurance does offer some choices for consumers. Renters can work with carriers to set limits in terms of coverages and deductibles; higher coverage amounts and lower deductibles mean higher monthly payments.
What attracts us to iPhones also catches the wandering eyes of thieves. So what happens if your iPhone is stolen out of your car? Is it covered by your car insurance? Unfortunately, the answer is almost always no. The only time a car insurance company will cover your iPhone is if it’s permanently attached to the car, which is unlikely
Just because your car insurance policy doesn’t protect your iPhone, that doesn’t mean that you don’t have any insurance options. If you have a homeowner’s insurance or a renter’s insurance policy, your iPhone is already covered as “personal property.”
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