Condo Insurance in Washington
If you own a condo in Lynnwood, WA, you need to know that condo insurance is going to be slightly different than a typical home insurance policy. While it may not be required in the state just like home insurance, your lender can require it and it’s important to have. Condo owners share ownership of the common areas so the homeowner’s association will usually have a master policy for the areas, such as exterior walls and hallways. The association’s policy will tell you what is not covered and covered so that you know what to get covered on your own.
There are three types of coverage that you will find under an association master policy in Washington. This can include the primary buildings and common areas, your unit and items within the unit besides personal belongings, or the building unit itself and fixtures. The coverage you are going to need will depend on the coverage in your master association’s policy. It is also helpful to determine what the deductible is for your master policy. The deductible will be shared by the other condo owners if there is a claim. While this may never happen, this number can be an expensive financial commitment that you want to be prepared to pay.
What Should Your Condo Insurance Cover in Washington?
An agent at Securum LLC can help you determine your master policy coverage and what kind of insurance you will need. Generally, you will need coverage for your personal property. You may also be responsible for anything that is in your unit and that includes permanently attached fixtures, as well as improvements such as upgraded kitchen cabinets. Your master policy in Lynnwood, WA won’t ever cover your personal property. You will also want to include liability coverage. This can include liability for property damage, as well as bodily injuries if someone gets hurt on your property, just like it would for a home insurance policy.
Contact Securum LLC to get a quote on condo insurance.