If you buy a home, car, or condo you absolutely need insurance. This coverage was created to protect you from a catastrophic loss. For many people in this country, a condo or house is the biggest single purchase they will ever make in their lives. If you have tens of thousands of dollars tied up in this investment, you need to take steps to create a safe environment and protect it.

What would you do if a fire engulfed your condo in the middle of the night and reduced your place to ashes? You likely have a mortgage and would still owe money to the bank who lent you the money to buy your place. Banks are not very forgiving if you do not have insurance; in fact most lenders require you to have insurance.

Always Insure Your Home

Even if your condo is paid off, you need to buy an insurance policy on it. Just because you have paid off your mortgage does not mean you can drop your insurance. If you think about the example above, since your condo is paid off, you would not owe your lender but you would still be out thousands of dollars. If a fire decimated your condo, you would be left with nothing. All of the hard work you put into saving and paying it off means nothing if you do not protect it.

If you are having money problems and think that cancelling your condo policy is a good way to save a bit each month, you are wrong. You can usually lower your insurance payments every few years by switching to another insurer. Costs associated with premiums vary by company and you can usually find a better rate if you shop around. This does not take very long, usually not longer than a weekend, and the savings will make it well worth your while.

Bundling Your Auto and Home

Bundling your various policies with one company is a great way to save more. Get a quote from the company who insures your car and see if they will give you a discount for having multiple policies with them. Make sure to ask whoever is giving you a quote about any and all discounts they offer to be sure you are getting the best deal possible.

Your condo association must have insurance on the building itself and all common areas but these policies will not protect your things. Everything you have purchased for your condo is in danger if you go without coverage. You have worked hard to pay for everything in your place and likely could not replace everything at once without undergoing a significant financial hardship.

If you live in an area where crime is a concern, you need coverage for your condo. Thieves typically target high value objects that are easy to carry and break-ins can happen very quickly. Condo insurance protects against theft amongst other things. If someone came into your place and took all of your jewelry, cash, flat screen television, and other valuables you may never see them again. Small items are easy to sell and are therefore not likely to be recovered by police.

If you have been asking yourself, should I get coverage even if I am not required to the answer is unequivocally yes. Having a mortgage usually means that you are required to keep insurance on your condo. Even if you have your place paid off, you would still be vulnerable to theft, fire, and water damage. Rest easy at night, knowing your things are protected because you decided to keep your insurance.

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