Although possessing condominium master insurance does not always guarantee that your personal belongings are insured, understanding your condo's master policy can help you decide on the most convenient condo rental insurance.
It can also save you a lot of money in the long run.
Financial Web urges that you familiarize yourself with your condo's master policy in order to avoid any unexpected surprises.
Most areas in a building, such as the roof, basement, elevator and hallway, are shared with other tenants.
In most cases, the insurance provides coverage for only these areas - anything located inside your own four walls is left uninsured.
Two Distinct Condominium Master Insurance Policies Steve Slattery, the property underwriting manager of Liberty Mutual Group in Boston, grouped such policies into two categories, according to a Bankrate.
com article: Bare walls-in - Although this condominium master insurance covers all real property inside the building's frame, all fixtures and instillations are excluded from the coverage.
All-in - The most convenient master policy, this condominium master insurance covers everything inside the building's interior, including all additions, fixtures and instillations.
By inspecting your policy, you can tailor your condo rental insurance to make sure all of the possessions you care about are covered.
Familiarize Yourself with Your Condominium Master Insurance If you're renting a condo, be smart and invest in some condo rental insurance.
By doing so, you will not have to worry about your personal property being unprotected.
Do some research beforehand to avoid overspending.
By familiarizing yourself with the policy, you can customize your policy to save some money still have your personal belongings insured.