Condo insurance is one of the first things you will purchase when you close on your new dwelling. Now that you have your condo, you want condo insurance to provide you with coverage. There is a lot that you get in terms of coverage with condo insurance, but does that include a theft inside of the property? Theft can occur in Detroit, MI and abroad, but knowing if you have coverage critical.
Theft Coverage is Common
Theft coverage is common when it comes to condo insurance policies. The Premier Insurance Agency team can help you understand what coverage you have in the event of a theft and what you do not.
Theft coverage starts with an inventory of what you have inside the home. If there is something highly valuable, such as a diamond ring, you want that listed as part of your condo insurance policy so that the value is known.
Personal belongings outside the special items will also get coverage in the event of a theft. These items include things such as furniture, clothing, and electronics.
Value of the Items
What is the value you get for your items or personal belongings in the event of a theft? Usually, what you will have is known as replacement cost coverage. If you have items stolen from your condo, you will be covered for the repair or replacement cost minus your deductible.
Detroit, MI condo owners need to understand what they get with their condo insurance policy. Coverage is best understood by talking to a professional such as the team at Premier Insurance Agency. When you understand condo insurance and where theft coverage comes into play, you’ll have a complete picture of its value.