| "I discovered Shepard Insurance about 5 years ago, while shopping around for competitive auto insurance policies. Not only were their prices enticing enough to encourage me to sign on with them, but their customer service has been what has kept me a loyal customer for five years. Since that auto policy, I've since purchased a home, and started a new business, both of which are also covered by Shepard. Luz and her team have been great, keeping in step with my every need." | ||
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| "I recently signed up for new auto, homeowners and umbrella policies with Shepard Insurance. They offered the most competitive rates while at the same time supplying the best customer service I’ve ever received." | ||
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Does your condominium/townhome insurance cover any permanent improvements made to your unit? Probably not.
Many people mistakenly believe their homeowners' association policy covers interior improvements like floor coverings, cabinets, bookcases, wall coverings, kitchen appliances and light fixtures. Generally it does not. Additions and Alterations Coverage is protection you can purchase for interior improvements that you've made to your unit. The basic policy provides $2,000 of coverage, but you can increase this by increments of $1,000 up to an unlimited amount (some companies offer a maximum limit of $200,000). We recommend a minimum of $50,000 in coverage, but every unit is unique and you must determine the appropriate replacement value based on the improvements made to your unit.
Another coverage we recommend for condo and townhome owners is Loss Assessment Coverage. If your building is damaged by an insured loss or your association is sued, and the cost of that damage is not fully covered by your association's policy, this coverage would pay for your share of an assessment charged to all unit owners. The basic policy provides $1,000 of coverage, but you can increase this by increments of $1,000 up to a maximum limit of $50,000 or more. We recommend going with $50,000 in coverage. Earthquake Loss Assessment Coverage is also available, and provides the same type of coverage in the event of an earthquake.
Before purchasing either Additions and Alterations or Loss Assessment Coverage, first review your association’s master policy to find out what that policy covers, and what it doesn’t. From there, we can help you select the right coverage for you.
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