The renewal of your policy should be done at least a week before it lapses to make sure there are no problems with your coverage, or when things like swimming pools have been added to property. You may want to start a month before your current policy ends so you have time to shop around all of the different insurance companies. No two companies are exactly alike and you may be able to find a better price with someone else.

Renewing your policy gives you the chance to make sure you have enough coverage. If you have made any improvements to your home or condo you should see if what you did is covered. After all your home is an investment and needs to be protected. If something were to happen and you find out afterwards that you should have increased you limits you may as well have just thrown your money away.

Bumping up Your Coverage Amounts

Adding extra coverage usually does not cost a whole lot more. If you added hardwood floor throughout your home, you want to make sure it is protected from fire or other damage. This improvement can cost quite a lot of money depending on the size of your home. Upping your coverage in this case can be a great idea to make sure this investment was not made in vain.

Loss assessment coverage can be a helpful addition when you renew your policy. You may be familiar with the fact that your condo association has to carry a master policy that covers the exterior of the buildings and all common areas. If a severe weather event happens and destroys a common area you may still have to help pay for it, even though it was not damage to the inside of your unit.

Important Things to Remember

Your condo association may have a master policy with a very low coverage limit and a big deductible to help keep costs down. Loss assessment coverage can help pay anything the association tries to charge you for to help pay the costs. Renewal time is an excellent time to ask your agent or insurer if you have this coverage and if not, how you can add it.

If you have pets, your condo insurance policy does not likely cover them. Pet insurance can help provide some protection to your companion. If you are thinking of buying a dog you want to be careful because a lot of condo insurance policies will not insure you if you have certain breeds. Some dogs have a tendency to bite and therefore pose a liability issue. Check with your insurer before buying a dog to make sure you can renew your policy.

If you have recently been married, divorced, or acquired a roommate you should think about renewing your policy to make sure they have the same protection that you do. Condo insurance comes with some serious benefits and making sure your friend or family member is covered is important. When you apply for new coverage or renew, remember to add them as a co-applicant.

Renewing condo policies should be done early and if you have made any serious changes to your life or condo. If you are unsure about whether something is covered it is best to contact your insurer and see if you can make changes or if you need to renew with more protection. Getting higher limits for your condo if you have done any major renovation is important to make sure your investment is safe. Remember to be careful when buying a dog as well.

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