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The Best Condo Homeowners Insurance Companies

You may think that when it comes to the bottom line that insurance is insurance. Sure, there are different types between auto, home, life and health, but within each genre, it really doesn’t matter. You would especially think it wouldn’t make much difference when it comes to homeowner’s insurance. If you own a home, a piece of property, etc. then any reasonably priced homeowner’s insurance should pretty much fit the bill — one size fits all. That is actually about as far from the truth as it gets. Not only are there different types of homeowner’s insurance, but there are special types of homeowners policies that are specifically for condominiums.

The best companies for homeowners insurance for a home quite often are not the best homeowner companies for condos. While you may get good rates, when it comes down to the brass tacks, a lot of times the “big boys” just don’t cover you as a homeowner sufficiently enough when it comes to the specialty market of condos and apartment life. Understanding the nuances of insurance for condos takes a company that understands the complexities of owning a condo.

Owning a condo isn’t as simple as one may think. Not only are you responsible for covering anything that may happen to your condo, under whatever circumstances like weather related damage, etc., but being connected literally to one or more condominiums as a part of the same structure complicates things in ways the average insurance company isn’t prepared to deal with. Regardless of which insurance company you go with, only the top homeowner insurance companies are going to be prepared enough to cope with those complexities.

For example, if during a storm, the roof to the condo is damaged on a duplex unit — that roof covers both units, which means that to have the roof fixed both homeowners will have to come up with their share of the responsibilities involved in replacing or repairing their part of the roof. Too often, this involves multiple insurance companies, multiple contractors and roofing companies, and unless all those involved work together to complete the repair and complete it with the same quality, then that could well cause problems down the road.

Fortunately, a really great homeowner’s insurance company understands the conundrums that situations like this pose. They’re used to having to deal with other companies and used to trying to consolidate and simplify matters so that only one contractor or roofing company is used. That way, the repair is consistent. The quality is maintained, and the value of the property isn’t affected by the decisions made by various companies trying to get out as cheaply as possible.

So sit down with your agent, and even look at resources on the internet to find an insurance company that does understand the needs of condo ownership. Those companies will not only meet or exceed those needs, but they will also have a great pricing structure. Talking to your neighbors or even the homeowner’s association (if you have one for your area) should give you quite a few good leads to pursue as well. Condo insurance doesn’t have to be difficult, and great insurance companies make sure that it is not.

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This entry was posted on Tuesday, April 6th, 2010 and is filed under Auto Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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