For many people, home ownership isn’t owning a home but many people choose to purchase a condominium. There many different forms of condominiums but if you’re considering the standard condo, your likely thinking about an apartment unit set in a building which holds multiple units. In the case of insurance, condominium insurance is a bit different than your standard homeowners insurance policy. That’s why if you’re considering purchasing a condo in the Norcross, Georgia area, you’ll need to think about purchasing condo insurance in Norcross and you’ll need to understand some of the aspects of condominium insurance.
The first thing to understand about condominium insurance is your responsibilities for common areas such as hallways, staircases and public spaces as well as insurance for your actual condominium. This is basically broken up into two categories. Insurance for the common areas is denoted in the condominium facilities master insurance policy. As you only own the condominium and not the actual building, it’ll be the responsibility of each condominium owner to chip in for insurance to cover common areas used by everyone. Typically there’s are monthly association dues that are paid and this money goes towards the insurance of these common areas.
In addition, you will need to ensure everything within the walls of your condominium. When you choose this type of coverage you want to consider one of two things. You want to consider cash value of items that are lost due to a flood or fire or replacement cost. Cash value simply gives you the money for the items that were lost at their current value. Replacement cost gives you enough money to purchase an equivalent item to the one that was lost rather than the cash value of the item that was damaged which depending on how old the item is, may not be enough to provide for an adequate replacement.
Fortunately condo insurance in Norcross doesn’t have to be expensive. If you need this type of insurance, you should contact a few different insurance carriers that offer condominium insurance and look for quotes. You can also go online and use a quote tool in order to find various quotes for condominium insurance. Regardless of which option you use, you don’t want to delay in getting the condominium insurance you need not only protect common areas in your condo building but protect your condominium itself. Visit ATI Insurance for more information.
Condo insurance in Norcross doesn’t have to be expensive. For more information visit the website or Like us on Facebook.