You condo insurance may cover things in your car, or you could add coverage with a policy renewal. The most common reason people file a claim with their condo or homeowners insurance regarding their car is theft. If a thief takes your personal property from your car, your condo insurance will usually reimburse you. Although depending on the value of the items stolen you may not want to file a claim.

If someone stole something inexpensive out of your car it may not work out in your favor to file a claim. The main reason being that you will need to pay your deductible before you see any money back for the stolen items. If you had some very expensive computer equipment or jewelry stolen from your car, you would definitely want to file a claim.

Know Your Coverage Amounts

The amount of personal property protection you have with your condo policy can differ. If you had a very valuable piece of jewelry stolen there is a possibility it may not be covered. Very expensive jewelry usually requires carrying a special rider on your policy for coverage.

When you purchase a policy you want to be sure that it will pay replacement cost instead of actual cash value. Replacement cost is really what you want because it will reimburse you for what it would cost to buy something very similar to what was stolen. Actual cash value takes into account something called deprecation.

Every year you get use out of your property whether it is a laptop or a smartphone, the value of the used property falls each year. You see this when shopping for refurbished items and they usually cost a lot less than new things. The reason for this is that new technology comes out often and makes things obsolete. The normal wear and tear on things like televisions and refrigerators also reduces the useful life of the product.

With that being said, you want to make sure you buy a policy with replacement cost, just in case a very valuable laptop is stolen out of your car. Buying replacement cost on your condo policy you will be reimbursed enough to be able to afford a laptop or equal value. If you have actual cash value you may be stuck with a smaller claim check and be forced to buy an older laptop with outdated technology.

Limits and Deductibles

There is a limit of what your policy will cover for your personal property and this is something you must decide when you buy your policy. This will affect the amount you pay for your premium. You can try to offset this by increasing the size of your deductible but there are negatives to making that choice.

Raising the amount you pay for your deductible on your condo insurance is something that can be done to save you money each month. This can come back to bite you though if something is ever stolen from your car or your home that is valuable but not valuable enough to make you want to file an insurance claim. If you can replace something without filing a claim because it is cheaper than paying your deductible you should do it.

If you are not sure of yourcondo insurance coverage limits or have specific questions about the policy you purchased it is usually best to contact your insurer or agent. They can help explain exactly what is covered if you are the victim of crime. Know your rights and what you can do to have your things replaced; it is the reason you buy insurance.

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