Arizona Condo Insurance
An Arizona Condo Insurance policy protects you from losses to your personal property and the "interior" of your unit. Your Condo Association covers the condo building and commonly owned property. But their master policy probably does not cover losses to your unit from claims related to burglary, water damage, or a liability claim if someone is hurt on your property.
You need an Arizona Condo Insurance policy to carry 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.
Your Arizona Condo Insurance Association’s master policy may not cover all claims relating to damages to your building. In these instances you may be assessed a proportionate share of the damages, meaning you will owe money because the Association’s 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’s 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 an “A” rating. We can help you with both.
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 home or 2nd home.
Contact our office for an Arizona Condo Insurance quote today. We can offer coverage with an “A” rated carrier and find a quote that is very competitive.
Sincerely,
Gary Brown, Owner
(480) 659-0229
