The Right Policy for You
For many consumers Arizona condo insurance can be slightly confusing. The reason? Condos and single family dwellings are both homes yet the way they are insured is different. Condos usually have an association insurance policy to cover the roof and walls. If you own a condo your insurance will be slightly different than a homeowner insurance policy for a single family dwelling.
Where do we insure?
We insure anywhere in Arizona. And we can provide Arizona condo insurance if you live in Arizona,
live outside Arizona or even in Canada. As long as the property you are insuring is located in
Arizona – we can help you!
Canadian clients are welcome to call. Many Arizona condo insurance companies do not insure
Canadians who buy a condo here in Arizona. But we can help you.
What are the Differences?
Do not compare your Arizona condo insurance policy to a regular homeowner insurance policy. A condo policy typically has an association which purchases insurance to cover claims on certain parts of the condo unit. A condo association insurance plan may cover the roof and walls but there can be gaps in those policies. Clients do not need insurance coverage for the roof and walls, in many cases.
Yet, you still need dwelling coverage because everything inside your condo that is attached to the
building is considered a part of the dwelling. Imagine picking your condo up and turning it upside
down. Everything that does not fall is part of the dwelling. Everything that does fall
will be considered your personal property.
What is considered a part of the condo dwelling?
Your Arizona condo insurance policy should provide adequate coverage for your condo dwelling. The following are items that usually are considered part of the dwelling: paint, carpet, tile and other flooring, lighting, cabinets, sinks, toilets, ceiling fans, built-in wall units, window coverings, and more.
The rest of the condo is your personal belongings, such as furniture, appliances, electronics, etc.
What is Loss Assessment?
Loss Assessment helps protect you against gaps in your condo association insurance policy. Imagine your condo building is damaged extensively and the association insurance policy has a gap in coverage that excludes this particular type of claim out of YOUR pocket. You, and your fellow owners, will be asked to bear the burden of covering the claim.
Also, your condo association insurance policy likely has a deductible. You, and your fellow owners, will be asked to pay your equal share of the deductible. Imagine if that deductible were four or five digits in size? Would you want to pay this deductible out of your own pocket?
Adding Loss Assessment Coverage
Loss Assessment is an optional coverage that your agent must place on your policy. If your agent does not automatically put Loss Assessment on your Arizona condo insurance policy please ask that he/she do so. The cost of this optional item is relatively inexpensive. And certainly, it is worth the cost for the vital protection this coverage affords you.
Saving Money is Important
As an Arizona condo insurance broker we will compare condo insurance rates with several carriers to help you pay LESS. Simply complete the quote form on the right side of this document or call our office for a free, quick quote. Quotes are completed the same day, in most cases.
I look forward to hearing from you.
Gary Brown, Agent/Owner