If you own a condominium, you might not realize that you need condominium insurance. Condominium developments normally retain a master insurance policy, but this will not give the protection that you might assume. It is essential that you evaluate what master insurance actually covers and the additional advantages available from personal Franklin TN condo insurance policies will offer you as a property owner. This blog provides information for deciding if condominium insurance is necessary in Franklin TN.
Definition of Master Insurance
Master insurance policies for condominiums usually cover the framing and common amenities (such as hallways, elevators, roofing and the siding). It may not include dedicated items such as HVAC, electronics, cabinets, etc. Most importantly, it does not protect personal goods such as appliances, equipment, and clothing. Policies vary, so be sure to obtain a copy of the master insurance policy for your specific complex and review what it does and does not include.
Why Obtain an Individual Policy?
Franklin TN individual condominium insurance policies do not include the structure of the building, since that is addressed by the master insurance. Other than that, it is similar to regular homeowners insurance policies in most every other way . It usually protects you in instances of theft, fire, some types of weather damage, vandalism, falling debris, and accidents from automobiles or planes. It may also offer personal liability coverage which applies if individuals get hurt in your home or if you cause damage to other people’s home. A minimal coverage is normally incorporated for personal belongings. Advanced coverage can be added for jewelry, equipment, collectible items, and property improvements (such as a luxury kitchens or expensive appliances).
Average Premiums and How to Begin
In most cases, Franklin TN condominium insurance policies are significantly less than typical homeowners insurance. You should ask your insurance agent for advice on how much coverage you need. Your agent will want to know the features and amenities of your unit plus the value of personal assets. He/she might also request a copy of your master insurance policy to verify what is already covered. Going through this important step will ensure that you have enough coverage based on your needs.
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