With the rise of condo living in the Las Vegas, NV area, we at Leo Insurance Group are often asked: how much condo insurance do I need? The answer depends on a variety of factors, including the type and size of your condo, as well as any additional coverage you may need.
Condo Insurance: The Basics
The basic rule of thumb is to get enough coverage to cover both your personal belongings and your liability risk. To determine the right amount for you and your needs, it’s important to review the terms and conditions of your condo association agreement. Your agreement should provide information about what types of losses are covered by the association policy and what amount of coverage is required for each item.
Once you have reviewed the agreement, you can then calculate how much additional coverage is needed to cover any gaps in coverage. This additional coverage could cover anything from damage caused by natural disasters or accidents to theft or vandalism. Depending on where you live and other factors such as whether you rent out your unit or use it as a short-term rental property, there may be other types of insurance that you should consider adding on top of basic liability protection.
Taking into account these considerations will help ensure that all of your possessions are covered in case unexpected events occur. For example, if a fire were to destroy all of your belongings inside the condo unit, having adequate insurance would make sure that they are replaced at no extra cost to you.
It pays to review all options when considering how much insurance is necessary for your particular situation—and talking with an experienced agent can help make sure that all angles are taken into consideration when determining the best amount for you.
Contact Us Today
For more information, call Leo Insurance Group today. We serve the Las Vegas, NV area.