An Arizona Condo Insurance policy protects you from losses to your personal property and the “interior” of your unit. Your Condo Association will have a master insurance policy that covers the condo building (roof and walls typically) and commonly owned property.
But the condo association master policy usually does not cover losses to your unit from claims related to fire, burglary, storm, water damage, or a liability claim if someone is hurt on your property. This is why you need an Arizona condo insurance policy for yourself and your unit.
The Condo Insurance Coverage You Need
You need an Arizona Condo Insurance policy to cover the interior of your unit, as well as provide liability protection and medical coverage. If someone is hurt on your property you can and likely will be sued. We recommend the maximum limits on these two items. The minimum coverage amount for Liability Protection is usually $50,000 and Medical is $1,000 but the premium difference is often minimal if you opt for the maximum limits. The additional protection is crucial to have.
LOSS ASSESSMENT is one of those little known coverage that every condo owner needs to have on their policy. Loss Assessment helps you to guard against gaps in the condo association master insurance policy and perhaps even help to cover your deductible. In a loss, the condo association will defer to you (the owners) any gaps in coverage or if a deductible applies. Your Loss Assessment coverage helps protect you. Read more below.
Your Condo Association
Your Arizona Condo Insurance Association master policy may not cover all claims relating to damages to your building and may have a deductible. In these instances you may be assessed a proportionate share of the damages, meaning you will owe money because the Association policy had a gap in coverage or a high deductible. To protect yourself, purchase Loss Assessment Protection. This optional endorsement, found on most Arizona Condo Insurance policies is usually a cheap way to ensure the Association policy gap in coverage does not fall to you.
When buying an Arizona Condo Insurance policy, remember to purchase an amount of coverage above and beyond what you need to protect your personal belongings. Depending on what kind of policy your Association has you likely are responsible for everything from the drywall inside. That may include carpets, ceiling fans, cabinets, toilets, lighting, other flooring, window blinds, and more. Be sure to buy adequate insurance to cover yourself.
How do you determine what items are a part of the dwelling property versus what are considered personal property? Imagine if your home were turned upside down. Everything that falls to the other end is personal property. You need an Arizona Condo Insurance policy to protect both the dwelling property inside the unit as well as your personal property.
Buying low cost Arizona Condo Insurance is important. But it is also important to buy an Arizona Condo Insurance policy with an insurance carrier that has a high credit rating. We can help you with both.
Arizona / U.S. Residents | Canadian Residents
Are you a Canadian resident buying an Arizona condo or a U.S. resident living outside Arizona buying an Arizona condo? We can provide you with an Arizona Condo Insurance policy as a vacation/seasonal home or rental property. And of course we insure condos as your primary home if you live in Arizona or are moving to Arizona.
Arizona Condo Insurance Broker
As an Arizona Insurance Broker we shop and compare condo, auto and homeowner insurance rates with leading insurance carriers. Why should you spend hours on the phone shopping for insurance with no idea which carriers are competitive. It is like shooting fish in a barrel. Instead, contact Choice Insurance of Arizona and let us do the shopping for you.
Searching for low cost Arizona Auto Insurance?
Sometimes you can cut your premiums if you combine your auto insurance with your condo policy. We shop to find you low cost rates. Auto insurance rates go up and down. One year a carrier may experience more profits, so their rates come down. Then profits fall due to higher than anticipated claims so rates go up. As a consumer, you are not always privy or aware when rates move up or down. This could cause you to waste a substantial amount of time. Instead, contact us and let us do the auto insurance shopping for you. If you are searching for Arizona Auto Insurance ask us for a free quote.
Arizona Homeowner Insurance
If you are buying a single family dwelling, instead of a condo, then you do not need condo insurance. Instead you need Arizona homeowner insurance. It is a different policy with some cover differences. Let us know if you want Arizona Homeowner Insurance instead of a condo insurance quote.
Contact our office for an Arizona Condo Insurance quote today. We can offer coverage with a top rated carrier and find a quote that is very competitive.
But most of all remember that if you are searching for low cost Arizona condo insurance we can help. I hope you will give an opportunity to shop and quote your condo insurance.
Gary Brown, Owner