One of the questions that we at Nieroda Insurance Agency, serving the greater Saint Charles, MO area are frequently asked by those who are looking to purchase condo insurance is how much coverage do I need, or how do I know if my policy limits are set high enough. When you are trying to decide on policy limits for condo insurance, there are two key factors that you need to carefully think about and consider.
How Much it Would Cost to Rebuild the Interior of Your Condo
Many people think that their coverage level needs to be at least as high as what their condo would sell for. However, the value of the condo is not what insurance agents will look at if something happens, such as a fire. Insurance agents will look at how much it would cost to rebuild the interior of your condo exactly how you had it. Consider building costs, as well as the types of materials and finishes that you have in your condo.
The Value of the Possessions That You Have Stored in Your Condo
The other factor that you need to consider when determining what your condo insurance limits should be set at is the value of the possessions you have in your condo. This includes furniture, clothes, electronics, kitchen goods, artwork, and jewelry. You want to ensure the coverage level is high enough to not only rebuild the interior of your condo but fully cover the loss of any items stored inside the condo as well.
Are you looking to purchase a new condo insurance policy in the greater Saint Charles, MO area? Reach out to use at Nieroda Insurance Agency today. We can help you find the right plan and help you to determine how much coverage you need for your policy. Schedule an appointment with us to get started.
