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Condo Insurance in Arkansas
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Why You Need Condo Insurance in Arkansas
If you own a condo or townhome in Harrison, AR, the condo association will have its own insurance to cover the outside of the condo and their own personal interest. You will need your own coverage to ensure your whole condo is protected, as well as your liability if an accident happens on your property. The average condo owner also has tens of thousands of dollars’ worth of personal property, and a single break in or fire could cause financial ruin without the right insurance. You may also be required to have condo insurance per your mortgage or your condo association.
What Will Condo Insurance Cover in Arkansas?
A condo policy will typically pick up where your association master’s policy ends. A master policy will usually be one of two types. An “all in” policy is a type of policy that will cover fixtures in the condo, such as plumbing, carpets, or appliances, but it won’t cover personal property. A "bare walls in" policy doesn’t cover anything contained within the walls. It may or may not include electrical or plumbing. It’s important to review your association's master policy with an agent at Foresee General Insurance Agency, Inc. to know what insurance you should purchase. You will need to get more coverage if your association has a "bare walls in" policy.
Your personal policy will cover you for damage or loss to your personal belongings and also provide coverage for personal liability and medical payments. It will also cover loss of use if you need to live somewhere else when your condo is severely damaged. You will also have options for contents coverage. You can choose between replacement cost or actual cash value. The actual cash value will take depreciation into account, while the replacement cost will ignore depreciation. The insurance company will compensate you for the cost to replace your belongings with a brand new one of comparable value.
Contact Foresee General Insurance Agency, Inc. serving Harrison, AR, to get a quote on condo insurance.