Customers often have questions about purchasing condo insurance. Here are some answers to the most commonly asked questions.
What does Allstate condo insurance cover?
1. Allstate’s condo insurance includes:
2. How much coverage is recommended for your personal belongings?When choosing the amount of coverage for your personal belongings, you should choose what it would cost you to replace everything you currently own in your unit. It’s a good idea to keep a home inventory list of all of your personal belongings, room by room. Expensive possessions like jewelry, furs, and antiques may require extended coverage to cover their full value. Check with your local Allstate agent to learn more.
3. What is "replacement cost"? How does that differ from "actual cash value"?Typically, replacement cost means your insurance will pay the cost of rebuilding or repairing the inside of your condo (or replacing contents) without deducting any money for depreciation. Actual cash value, however, covers your valuables based on the depreciated value of your possessions at the time of loss.
4. If I file a claim, do I have to work with the insurance company's contractors?With Allstate, if you choose our contractors, you will receive guaranteed repairs in writing for as long as you own your condo.
5. What is liability coverage?Liability coverage protects you if you unintentionally cause property damage or bodily injury to others.
6. How can I save money on my Allstate condo insurance?Increasing your deductible is one way to cut costs. You may also qualify for discounts if you combine your condo and auto insurance with Allstate. Install smoke alarms, fire extinguishers (excluding Quebec), or a security system and you could save even more.