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Condo Insurance Lafayette Indiana.

Posted & filed under Indiana Condo Insurance.

When you are in the market for condo insurance in Lafayette, Indiana and the surrounding areas, contact the Jan Nielsen Agency at 765-477-0303, or you may reach us toll-free at 866-440-0303.

Condo Insurance Lafayette IndianaClick on Condo Insurance Lafayette Indiana to submit your information to us for a Indiana condo insurance quote.

Securing the appropriate condo insurance is not as simple as finding a company that offers the cheapest insurance rates on condo insurance in Indiana!

Making a mistake on your insurance could cost you tens of thousands of dollars, or more out-of-pocket!  

That’s why it’s best to work with an agency that understands how to help you secure the best coverage for your needs.

Common Mistakes Made on Condo Insurance

Mistake Number One- Assuming your Condo Association Policy will rebuild your individual unit exactly as it was before in the event of a loss.

Some unit owners have invested $40,000 or more in upgrades to their condo only to discover later, after a loss, that their Condo Association Policy would not pay for the upgrades. They only provided coverage to rebuild the individual condo units to a builder’s grade condition.   

Your solution: Carefully review the Condo Association Policy and the renewal policy to determine what the condo association policy covers. You may simply purchase an adequate amount of Coverage A Protection, or choose the Building Additions and Betterment coverage option available with some companies.  (Click here to learn what is Coverage A Protection.)

Mistake Number Two – Purchasing a condominium policy that does not include Loss Assessment Coverage.  Loss Assessment Coverage applies when a claim exceeds coverage provided by the Condo Association Policy and all owners are assessed the difference.

Claims Example: Due to a liability claim that exceeds the Condo Association policy, it becomes necessary for each owner to pay $10,000 to cover the uninsured expense.

Most personal condo insurance policies only cover $1000-$1500 for Loss Assessment.

Your solution: Purchase a policy that provides more than $1500 of coverage, otherwise you may incur a substantial out-of-pocket expense!

Condominium Insurance Is More Complicated Than the Price We Pay for It. ™

It’s important to work with an expert when you’re looking for condo insurance in Indiana as there may be hidden gaps in coverage that could cost you tens of thousands of dollars out of pocket, or more!

Contact the Experts at Jan Nielsen Agency for Condo Insurance in Lafayette Indiana.

We can custom design the appropriate condominium insurance plan that can meet your needs. 

Call 765-477-0303 or 866-440-0303 or click on Lafayette condo insurance to request a quote.