Stanley Insurance Group in Hilliard, OH always wants your condo to remain protected from loss. You might think of condo insurance as a once-and-done task, but many situations exist that would necessitate you to update your condo policy. Let’s talk about a few conditions that would require a condo insurance update.
If you add to your condo with built-ins or other permanent fixtures, you’ll need to update your condo insurance. You’ve altered or renovated your condo, and that increases its value. Your policy, however, covers the condo as it was when you purchased it. You need an updated policy that insures you for the full value of your condo using replacement value, not actual value.
If you purchase expensive jewelry, you’d need to update your policy. Unless you bought a separate jewelry policy, a rare occurrence, you’d need to put a rider or add-on onto your condo policy to protect your jewelry. The most common occurrence of this need is getting engaged or married. Your engagement and wedding rings typically have a high value, and you could not easily replace them out of pocket.
If you get married or have a roommate move in, you need to update your condo policy to cover their personal property. You bought your condo policy with enough coverage to pay for your own items, but having an additional person move in increases the amount of personal property and its value.
These are just a few situations where you would need to increase your condo policy coverage. Contact Stanley Insurance Group to update your Hilliard, OH condo policy. Call us today!