Bel Air, Maryland Condo Insurance
If you are looking for HO6 Insurance, also known as Condo Insurance, in Bel Air, Harford County, or elsewhere in Maryland, then this will be a great article to quickly review.
- Consider bundling your HO6 condo insurance with your auto insurance
- The bundled discount can range from 5%-25%
- The ease of use for you (because you only need one company)
- Get a copy of the master policy
- Present this to your insurance professional
- Your condo insurance policy needs to fill in the gaps the master doesn’t cover
- Consider how much content coverage you need
- Personal property coverage is to protect what you own that is in the condo
- An easy way to take inventory is to take photos (not full-proof, but better than nothing)
- Liability coverage for HO6, how much?
- Liability coverage protects you in the case of a lawsuit
- Tally your total assets; investments, cash, wage potential, and take that into consideration
- Here is a medium article I wrote on protecting your wealth
Water Back Up of Sewer & Drains Coverage
Okay this is a big deal if you live in a condo and are considering your insurance coverage. What happens if sewage backs up through your toilet or sink? You need this endorsement on your policy for any coverage. It is a big deal that can get forgotten.
I have seen situations locally where tenants or owners on the third story put a lot of grease down the drain. This clogged the drains for the lower inhabitants and a massive back up occurred.
Definitely consider this insurance coverage for your policy.
The Price
Of course, price varies from company to company. When we lived in our condo we enjoyed coverage through Nationwide. National company with great customer service. We paid around $650/year and we had good coverage. Don’t stick me to that price – because prices changes constantly.
Here are some good condo insurance companies to work:
- Travelers
- Safeco
- Mutual Benefit
- Nationwide
They all have different rating structures and endorsements. There is a lot of standardization in the insurance industry but there is also a lot of customization between carriers too. That is the advantage of working with an insurance broker – they help you navigate it all.