If you own or rent a condo, you want to make sure you have a condo insurance policy. A condo insurance policy will ensure your possessions are protected in case of a hazardous incident in your residence.Choosing an independent insurance agency like Muller Insurance will allow you to pick from more than two dozen insurance companies. Muller Insurance is an independent agency with over 100 years of experience in the insurance industry, serving New Jersey, New York, Connecticut, Pennsylvania, Nevada, and other states. Here, we talk about the importance of having a condo insurance policy.What Does Condo Insurance Cover?Condo insurance is an insurance policy that covers everything within your personal condo unit. That can be your possessions, such as:AppliancesArtworkClothingFurnitureA condo insurance policy will also cover the interior structure of the condo, so walls and fixtures like cabinetry are covered in case of a covered incident.Most condo insurance policies will cover the following natural hazards and incidents:Fire or lightning damageWindstormsSmoke damageVandalism or malicious mischiefTheftA policy from Muller Insurance will also cover accidental discharge of water from an overflowing drain or broken sump pump. Many insurance policies don’t offer that kind of coverage with a condo insurance policy except as an additional policy.A condo insurance policy will also include liability coverage. Liability coverage protects you in case someone is injured inside your condo by slipping, falling, or even getting bitten by a dog.Check On a Master PolicyThe condo property should be covered by a master policy that is run by the homeowner’s association (HOA). A master policy will cover the common areas, such as:ElevatorsHallwaysLobbiesSwimming poolsA master policy also provides liability coverage in case a visitor is injured in one of the common areas. For example, if they slip and fall on the sidewalk outside of the condo building.Make sure to speak with your HOA or property manager to discuss what the master insurance policy of your condo community covers. You should also request a hard copy of the policy for your records and bring it with you to Muller Insurance, so we know what protection your HOA provides.What Is Not Covered by Condo Insurance?There are some hazards and incidents that are not covered by a normal condo insurance policy. Those include:Common area damageDeliberately caused damageEarthquake damageFlood damageTermite infestationsSome condo association insurance policies don’t contain provisions for aspects like flooding. In this case, condo owners may wish to consider additional coverage, like flood insurance. Muller Insurance provides quotes for flood insurance and related coverage. Ask us about what additional coverage is available to condo dwellers.How Is a Premium Determined?An insurance premium is the amount a person pays to the insurance company to keep their policy active. Depending on your insurance company, you could pay your premium:MonthlyQuarterlyBiannuallyAnnuallyMany factors go into your insurance premium. Factors that can determine what you pay on your condo insurance can include:Age and condition of the condoClaims historyCoverage limitsCredit ratingDeductible amountsLocal fire protectionOptional coveragesType of condo constructionSome policies will offer discounts for safety measures, like deadbolt locks and security alarms. Some insurance companies may also offer discounts for insurance bundling. If you are interested in learning about insurance bundling, ask your Muller Insurance agent about potential savings.Choose a Reputable Insurance AgentMuller Insurance has been in business since 1906, and we’re happy to call Hoboken, New Jersey, our home since the beginning.We are an independent insurance agency, meaning we aren’t committed to a single provider. We work with over 25 different insurance companies, which help us provide our customers with the most comprehensive policies at the prices they can afford. We help our customers shop around for the best value and can offer customers several quotes at a time. We can also find an insurance provider to cover any additional insurance policy you might need, like flood or earthquake insurance.Some of the insurance companies we work with that offer condo insurance include:The Andover CompaniesChubb InsuranceCumberland Mutual InsuranceFarmers of Salem InsuranceFitchburgFidelity NationalFranklin Mutual InsuranceLemonadeNorfolk and DedhamProgressivePlymouth Rock InsuranceTravelers InsuranceSafeco InsuranceWe also try to make insurance easy for our customers. We offer a client center on our website for clients to:File insurance company claimsFind condo association certificatesMake online paymentsFind insurance carrier contactsMuller Insurance is a family business, and we can’t wait to make you part of our family. To learn more about condo insurance policies, contact us today or request a quote online.