Condominium – Frequently Asked Questions

Considering Purchasing a Policy?

Some of your Questions:

Q. How is condo coverage determined?

There are two main components to a condo policy. The first is the additions and alterations coverage which will repair the structure of the unit not covered by the master HOA. Knowing what your HOA covers for structure loss will help determine your additions and alterations coverage. The second component is the personal belongings or contents coverage. This coverage is specific to any contents removable from the home. The additions and alterations and contents coverage limits can be tailored for each home buyer and our team will assist you to determine the correct amount of coverage.

Q. Is Bundling Better?

Many insurance companies are “captive” and can only offer home and auto quotes through one insurance company. Unfortunately captive companies are not able check the insurance premiums of multiple companies to ensure the most competitive premium and coverage has been offered. Westwood Insurance Agency is appointed with multiple leading national and regional companies offering both home and auto coverage. We will shop for the best coverage and premium from our insurance partners and ensure you have the most competitive premium on both your home and auto. In many instances placing the home and auto coverage with two different companies will provide greater savings than placing both your home and auto with one company.

Q. What to do in the event of a claim?

How to File a Homeowner Claim

Q. What tools are available to document personal belongings prior to a loss?

Be Smart. Take Part. Document and Insure Your Property

Q. What is a deductible?

Homeowners insurance includes a deductible for property damage, which is the amount that’s deducted from claims payments. This is often referred to as co-insurance or the amount you are responsible for as the insured. Instead of selecting a deductible for every type of claim, you can choose an all-peril deductible that applies to several incidents, whether it’s a stolen laptop or a burst pipe. When you receive a claim check, your insurer subtracts your deductible amount from the total claim payment amount. For instance, if you have a $1,000 deductible and file a claim for roof repairs to the tune of $10,000, your insurer would issue a payment of $9,000 and you would be responsible for the remaining $1,000. Depending on the insurer, you may have a separate deductible for claims involving wind and hail. Liability claims generally don’t apply a deductible.