Do You Have the Right Condo Insurance?

Having the right insurance is always important. Lately, quite a few clients have asked me about condo insurance and what exactly is covered. That's why I asked Danny Matheus form Fulcrum Insurance to join us today. He is going to answer some questions you may have.

What is the biggest mistake those with condo insurance make?

A lot of the time the owners have a misunderstanding of what is actually covered in their policy. Banks require a minimum of 20% of the purchase price to cover what's inside the unit. That's not a lot. If you bought a condo for $100,000, how much would $20,000 of insurance get you if there was a fire?

It's so important that you talk to an agent or broker that can not only get you a good price, but the right coverage. The average cost per square foot is about $200.

Also remember, if you have a master policy, that does not cover the inside of your home. So while it may seem like a better option for your pocket now, it will cost you thousands later if anything happens to your home.

If you have any questions about condo insurance, please give me a call at 800-278-6900 or send me an email DWMatheus@gmail.com