Condo Insurance in Pennsylvania
Buying a condo is a long-term investment and a major asset. To ensure that it is adequately covered, residents of West Chester, PA and the surrounding areas should purchase a condo insurance policy. Before buying an insurance policy for your condo, there are several factors to take into consideration.
The first factor to consider when you are shopping for a new condo insurance policy is your requirements. Unlike other types of insurance, the state of Pennsylvania does not require a condo owner to carry insurance coverage. However, condo owners will still be required to meet requirements set forth by their mortgage lender and homeowners association. The actual levels of these limits can vary but will require carrying some form of insurance to cover part of the property and liability. In general, a lender will require you to have an insurance policy equal to 20% of your property’s appraised value.
Additional Types of Condo Insurance to Consider
When you are looking to purchase a condo insurance policy, you also need to consider other types of insurance available. In many situations, it would be beneficial to have a liability insurance policy on your condo that is higher than the required amount. This will provide you with extra protection in the event someone is injured on your property. If you have some personal property items that are valuable, such as jewelry, art, and other collectibles, these items may not be covered by the base insurance policy and will instead require you to carry an additional rider.
For those that are buying a condo in or around West Chester, PA, it would be a good idea to contact Keystone State Insurance. We are a leading provider of condo insurance to condo owners in Delaware and Pennsylvania. When meeting with or contacting the agents at Keystone State Insurance, you will be able to discuss all of your insurance needs and options, and receive a quote.