Tag Archive for policy

5 steps to understanding your condominium insurance policy

5 steps to understanding your condominium Insurance policy.

condo insurance

Let’s face it. Chances are that your agent did not even read the policy. They probably packaged it up, attached a bill and mailed it out to you. The reading usually starts after there is a loss.

The damn thing is 70-100 pages long, and reads like Obama’ affordable care act.

 

 

What to look for.

  1. start at the first page ( the declarations page) This has most all the salient information, and a good summary of the coverages.
  2. Check to see if the named insured is correct. Do they have the right name, the right contact, the right mailing address.
  3. Check the limits of coverage for the building and liability. Do they look right. Compare it with the previous policy.
  4. Does the premium match the invoice?
  5. Give everything a once over, and then call your agent or company representative and go over it with her or him. Ask questions, Ask for it in plain language, and ask lots of questions, the agent and company have your money, and they are providing a service and coverage, so don’t feel bad about asking questions.

The problem is that we trust people and you should, but it is a big expense, and you are liable for checking out the policy and making sure it is correct. do your due diligence.

 

 

What is agreed amount?

What is agreed amount?

Agreed amount is an insurance term on a property policy that waives the coinsurance clause. Coinsurance is a penalty feature put on a policy to prevent people from underinsuring.

Once the insurer has determined that you have met their guidelines for proper insurance to value, they will eliminate the coinsurance clause and replace it with the agreed amount clause. thus eliminating the chance of a penalty.

You are still required to insure to the proper limits, but this essential clause will come in handy, if you or the insurer has made a misjudgement in the amount you insured the property for.

There is little or no cost for this useful endorsements.