YOU ASK:

How can I lower my condo homeowners insurance rates?

WE ANSWER:

Condo homeowners insurance rates can vary considerably from insurer to insurer, depending on a number of factors, such as location, quality and price value of the unit, your credit score and claim history, etc. Another very important factor affecting condo insurance rates is the type of master insurance policy that a condo association holds.

Tips for Reducing Your Condo Homeowners Insurance Rates

  • The rule of thumb when looking for the right condominium insurance coverage is to become familiar with the type of insurance that you and your co-op neighbors share in. Knowing what it covers and what its exclusions are, can help you set your condo policy the right way, determining the exact amount and coverage that is needed to "plug" the gaps between the two policies.
  • Another money-saving strategy you can apply is set your deductible as high as you can afford - the higher the deductible, the lower the homeowners insurance rates.
  • Take advantage of all discounts that your condo homeowners insurance provide offers. You must know to ask for them. The most common types of discounts that you can qualify for are the multi-line discount which can save you around 25 percent in condo insurance premiums, the non-smoker discount, the senior citizen discount, etc.
  • Your condo insurance rates will be affected by the state you live in, but the neighborhood where your unit is located is also very important in determining your premiums. Your credit history and CLUE report are also very important factors, and so is the condition, age and construction quality of the condominium you own.
  • Any loss-prevention measures you take will have a favorable impact on your condo homeowners insurance rates. If you install security devices intended to minimize the risk of loss, such as alarm systems, smoke detectors and fire extinguishers in your unit, your insurance provider will lower your premiums.
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