If you own a condo, you need to familiarize yourself with what condo insurance is and how it works. We provide condo insurance policies to condo owners in Pomona, CA at THINK Insurance & Financial Services.
The following are three mistakes you don’t want to make when you purchase condo insurance in California.
Failing to put enough consideration into the deducible amount
Too many condo owners assume they’re never going to have to file a claim. Therefore, they opt for a lower premium amount and accept a higher deductible. This is never a good idea.
You need to choose a deductible amount that’s low enough that you’ll be able to afford it out of pocket. It’s worthwhile spending a little extra on monthly premiums if it can significantly bring your deductible amount down.
Not purchasing enough coverage
You should have enough coverage to cover the value of the possessions you keep in your condo.
If you don’t purchase enough coverage, it could really cost you down the road if you have to file a claim. Make sure that you’ve carefully evaluated your possessions before you choose an overall coverage amount for your policy.
Purchasing actual cash value coverage
There are two major choices when you purchase a home insurance policy: actual cash value coverage and replacement cost coverage. It’s always best to opt for replacement cost coverage.
Actual cash value coverage will factor in home depreciation when compensating you for a claim. This means that actual cash value coverage will provide you with less for your claims than a replacement cost policy.
We can help you to choose the right condo insurance policy in Pomona, CA. Contact us at THINK Insurance & Financial Services to get started.