At Five Star Insurance Agency, we want you to know all of your options to protect your Fords, NJ home from loss. Perhaps you purchased a condo, and your mortgage requires you to purchase a condo homeowners policy for it.
Amongst the eight types of home insurance policy exist one just for condos. When you purchase a condo policy, it provides liability protection for you for accidents that occur inside your condo. It also provides you with protection for your property kept inside the home.
Adding to Your Condo Policy
But like other types of insurance, you can upgrade your insurance policy to cover more than the standard condo policy does. These types of added coverage include:
- Jewelry protection,
- Added liability coverage,
- Enhanced personal property protections,
- Hobby equipment coverage,
- Art coverage.
Your condo policy starts out with coverage for your personal property that equals about 10 to 20 percent of your condo’s value. That means if you purchased a condo for $100,000, you’d have about $10,000 in personal property coverage. If you get engaged, that might not cover the engagement ring, so if a theft occurred, your policy would not cover both the ring and your belongings.
The same proves true for your photography equipment or hiking gear or fishing tackle, etc. You might own thousands of dollars in hobbyist equipment, but it doesn’t receive coverage until you increase the personal property coverage or add coverage to the condo policy.
If you run a business from home and hold meetings there, increasing your liability coverage protects you. The same is true if you hold fundraising events there.
Contact Five Star Insurance Agency serving Fords, NJ for more information on enhancing your condo policy. Let us help you protect your property and home.