Why You Need Individual Condo Insurance

We always recommend that people get their own insurance, even if a condo association offers insurance. Why? Because it’s better to be safe than sorry. You never know what kind of gaps in coverage the association might have. Instead of risking it, get your own policy to protect yourself and your belongings. If something goes wrong, you’ll be protected with your own policies in addition to whatever the condo offers. Here’s an explanation.

Difference Between Home and Condo Insurance

Home insurance is an umbrella term that covers the type of policy for personal dwellings. But there are major differences between single-family home policies and condo policies. With condo insurance, you’ll pay less than you would for a single-family home policy. That’s because you’re only paying to protect your portion of the building and not the entire thing. Living in a condo means that you have access to common areas. Typically, the association will have coverage for those areas (like a slip and fall near the pool). But if people get injured in your apartment, you will be liable. Condo insurance is a great way to protect yourself from these types of situations. You also need coverage for your personal possessions. If you have a storage locker outside of your unit, make sure to tell your insurance agent to include it in the coverage.

Protect your condo with condo insurance—you need coverage to complement the association’s policies.

Individual Condo Insurance vs. Condo Association Insurance

You need extra insurance for your specific unit to cover your personal belongings. The association’s coverage doesn’t include personal items. It probably only covers common areas, as mentioned, as well as protection against liability for accidents that happen on common property. If an accident happens in your condo, you could still be liable. This means personal injuries as well as damage to belongings, theft, vandalism, flood, or fire. To craft a great policy for you and your condo, you should contact your condo association to learn more about what they cover. Then, pick up the phone and speak with our team at Prince Insurance so we can help you fill in the gaps. We recommend people always have their own coverage to complement existing general coverage.

Get a quote today and enjoy peace of mind in your condo tomorrow.

When to Get Flood Insurance

If you live in an area that is susceptible to flooding, flood insurance isn’t an option, it’s a must. It’s also important to consult an updated map to see exactly where the flood zones are. Weather patterns are changing and you might discover that your home is at greater risk now than it was ten years ago. People with basements or other below-ground rooms should definitely explore flood insurance options. Remember, it’s better to get insurance now before you’re wading through water and wishing you had checked that item off your list.

Flood-Prone Areas

Low-lying areas are at particular risk for natural flooding. This can happen when the water table rises due to rain. It puts your building at risk for a few months out of the year, when water levels are higher than normal. Many states across the country experience flooding every year, resulting in millions of dollars’ worth of damage to property. However, it’s also possible that a freak storm or other incident inside your home will cause flooding. A forgetful person may leave the faucet on, or a water heater could burst. Flood insurance covers you in the event of flooding, so that you have the financial support you need to rebuild.

Floods can be scary. Get the protection you deserve with flood insurance.

Popular Options for Flood Insurance

You have some options for coverage. Generally speaking, your flood insurance will cover your dwelling and losses incurred by water damage due to flooding. You can get flood insurance for commercial and residential properties alike. It’s important to note that general home liability coverage may not include flood protection. There are lots of additional types of coverage you can get to protect your home from top to bottom. If you’re in a zone that’s susceptible to flooding, you’ll need to add flood insurance to your policy to be 100% protected.

Ready to sleep through heavy rain without blinking an eye? Flood insurance can help protect you and your home from water damage. Reach out to Prince Insurance and discover what it means to feel protected.

Best Home Builder Insurance Packages

Homeowners Associations (HOA) Insurance

Construction projects are fraught with risk, no matter how careful you are. Even if you choose the best contractors in the world, there is always a chance that something could go wrong. That’s why you need home builder insurance. The best packages will offer coverage for you, your team, and your equipment. Accidents happen, and the right coverage will help protect you and attract cautious clients. Ready to find the right insurance for a home builder?

The Best Insurance for a Home Builder

First, let’s understand the coverage. Construction and home building include a variety of complex tasks. After all, the home needs to be durable and livable. You need coverage to protect you while you install electrical, plumbing, woodwork, plastering, roofing, and more. On-site, workers are often required to use power tools or climb scaffolds. If something falls on a car parked at your construction site, would it be covered? While you’re in the process of building someone’s home, you need insurance that covers everyone and everything. This should include broad liability protection, workers compensation, materials coverage, and vehicular protection. Not only is this good for your business, but it’s a great way to gain the trust of your clients.

Man sliding a piece of wood across a table saw.
Make sure your home builder insurance covers everyone and everything on site.

The Importance of Home Builder Insurance

Protection can’t be underestimated in risky businesses like construction. Your reputation is at stake. If you don’t have insurance, and one of your workers gets injured, you might struggle to hire great contractors in the future. Insurance for a home builder is critical from a client’s perspective, too. Your potential customers will want to know that you have robust coverage in case of an emergency.

The right coverage could help you get more business. Ready to explore your policy options as a home builder? Get in touch with Prince Insurance, and we’ll find an option that gives you the coverage you need.

Best Coverage Plans for Brokers

Union Station Denver

As a broker, you spend all day trying to make other people’s lives better, but you also need to make sure that you are protected. It’s important to cover yourself, your family, and your business with robust policies. Depending on the type of business you run, you should consider lumping your policies into one plan. If you’re responsible for a team of employees, then you need to make sure they’re covered, too. Finally, remember to include your office space! Here’s how to understand the right insurance policies for brokers.

Doing business comes with risks, but you can protect yourself with insurance policies for brokers.

Popular plans for insurance brokers 

Most brokers, due to their line of work, understand the importance of covering their own liability. This means personal, property, auto, and home. But there are also important policies that can cover your business and the people in it. These include professional liability insurance, workers compensation, and commercial general liability. When selecting insurance policies for brokers, it’s generally best to bundle your policies into a business owners policy (BOP). 

Understanding your field and knowing your customers

To be successful in business, you need to stay connected with your customers. Many brokers specialize in a particular field or industry. This increases the chances that you’ll be seen as an expert in that field. Once you do this, you can study the ins and outs of that industry. Knowing the field and knowing your customers is the key to success! It allows you to customize your offerings depending on your customers’ needs. It’s okay to tell your customers that you don’t specialize in a certain type of coverage. You can’t be all things to all people, after all. This can even build trust with your customers, showing them that you have no problem admitting what you don’t know.

If you’d like to get a quote, please reach out. You deserve coverage for you and your customers that does the job.

Liability Policies for Homeowners

It’s important to protect your home against natural disasters and other incidents. But it’s equally important to protect you, the homeowner, against future liability for events that occur on your property. Homeowners liability helps cover you when something happens at your home. If someone slips and falls, they could sue and seek compensation. They could argue that bad lighting or dangerous conditions inside the home contributed to their injury. This type of coverage helps protect you and your family from outsized bills if someone happens to be injured while in your home.

Make sure you’re protected from liability claims if someone gets injured on your property.

Popular plans

There are a variety of coverage levels when it comes to homeowners liability. You can access policies that protect you against claims for property damage. You could get protection against claims for injury to others. Your policy can protect you against having to pay out medical fees for the care of someone who was injured on your property. Most importantly, you should ensure that your policy covers liability defense costs. If you need to hire a lawyer to go to court and defend you, the insurance company could cover that cost if you have homeowners liability protection.

Understanding coverages

For a comprehensive home protection plan, you should also look into flood and fire insurance. This type of property insurance can protect you from acts of God as well as human acts of violence. It will cover the cost to repair your home if something happens. There is also home-sharing coverage and scheduled personal property insurance. It’s okay if you don’t know which policies are right for you. What’s most important is that you speak with someone who can help you make sure you’re covered in the right ways.

If you’re ready to explore homeowners liability insurance, we’d love to help. Get in touch and we’ll figure out a plan that works for you and your family.