If you're planning to purchase a condominium, your first step after finalizing the deal should be to secure condo insurance. This plan is different from standard home insurance and renters insurance because it’s designed to cover elements that are not insured by your condo association, so policies can vary substantially. However, if you keep a few tips in mind, you’ll get the protection you need.

3 Steps for Buying Condo Insurance

1. Determine What's Already Covered

A condo association typically is responsible for insuring the exterior of the building and common areas like a gym, pool, or clubhouse, so your insurance needs to cover only the inside of your unit. However, condo association master policies could be “all-in” and cover permanent fixtures of the home like plumbing, electrical components, carpeting, and appliances, leaving you to insure only your personal belongings. On the other hand, “bare walls-in” policies don't cover anything inside a condo and even might exclude the plumbing and electrical systems. Determine what your association's master policy includes so you know what to insure.

2. Evaluate Your Needs

Your condo insurance policy should cover the replacement cost of your belongings in the event of a burglary, fire, or another disaster. To ensure the value of your plan is high enough, make a list of everything you intend to keep in your dwelling, such as furniture, décor, electronics, clothes, and jewelry. Estimate how much it would cost to replace your possessions and total the figures to determine the amount of coverage you need. If you have belongings with a replacement value that exceeds your policy’s per-item limit, you must insure them separately.

3. Speak With an Agent

Once you have a good idea of the coverage you need, bring your property inventory and a copy of your condo association's master policy to an insurance agent. They will review your documents, determine whether you qualify for discounts, and help you choose the best deal for your needs. Double-check the policies you're offered to ensure they cover everything your master plan doesn't, then make your selection.

When you go through these steps before you select a condo insurance plan, you will be protected if disaster strikes. Start the process as soon as possible and provide your insurance agent with thorough information to protect yourself financially.

Robert Taylor Insurance in Lorain offers policies to residents throughout northeastern Ohio. Their offerings includes plans for homes, vehicles, and businesses as well as life insurance policies. To arrange a consultation, call (440) 277-5191 or contact them online. Follow them on Twitter for more advice and updates from the agency.