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Essential Insights on Condo Insurance for Viasat Employees: What You Need to Know Before You Buy

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Viasat employees may benefit from understanding how the ownership structure of a condominium unit is different from that of a single-family house. Here’s what you need to know when purchasing insurance for your condo.

1. Understand the Master Policy

For Viasat employees worried about condo insurance, since the ownership of all common areas is shared with other condo owners, the association of owners typically purchases insurance coverage (a master policy) for the common areas, e.g., hallways, exterior walls, etc. The condo association’s policy will outline what is covered and what is not.

2. Three Types of Coverage

There are three basic types of coverage under a master policy that those employed at Viasat should be aware of.

Primary buildings and common areas
Your unit and any items within your unit, other than personal belongings
Building, unit, and any fixtures

The individual coverage you may consider depends upon the scope of coverage of the master policy. Viasat employees should also try to determine what is and isn’t covered under the master policy – this can influence the coverage you may need.

3. Know the Master Policy Deductible

Generally, an association’s master policy has a deductible that is charged pro-rata among unit owners in the event of a claim. Determining that obligation is important because while it may never materialize, it could represent a meaningful financial commitment.

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4. Consider Additional Coverage

Similar to any homeowner, Viasat employees will need to make decisions about other coverage options, such as cash value or replacement coverage, adding personal liability coverage, and whether flood insurance may be appropriate.

Several factors will affect the cost of condo insurance, including the insurance coverage provided by the homeowners association. You should consider the amount of your deductible and level of coverage before purchasing a condo insurance policy. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

What is the Viasat 401(k) Savings Plan?

The Viasat 401(k) Savings Plan is a retirement savings plan that allows employees to save for their future by contributing a portion of their salary on a pre-tax or Roth (after-tax) basis.

How can I enroll in the Viasat 401(k) Savings Plan?

You can enroll in the Viasat 401(k) Savings Plan by accessing the employee benefits portal or contacting the HR department for guidance on the enrollment process.

What is the employer match for the Viasat 401(k) Savings Plan?

Viasat offers a competitive employer match for contributions made to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

When can I start contributing to the Viasat 401(k) Savings Plan?

Employees at Viasat can start contributing to the 401(k) Savings Plan after completing their eligibility requirements, typically within the first few months of employment.

What are the contribution limits for the Viasat 401(k) Savings Plan?

The contribution limits for the Viasat 401(k) Savings Plan are set by the IRS and can change annually. Employees should check the latest guidelines to ensure they are within the limits.

Can I make changes to my contributions in the Viasat 401(k) Savings Plan?

Yes, Viasat allows employees to adjust their contribution amounts to the 401(k) Savings Plan at any time throughout the year.

What investment options are available in the Viasat 401(k) Savings Plan?

The Viasat 401(k) Savings Plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance and retirement goals.

Does Viasat offer financial education resources for 401(k) participants?

Yes, Viasat provides financial education resources and tools to help employees make informed decisions about their 401(k) Savings Plan investments.

How can I access my Viasat 401(k) account information?

Employees can access their Viasat 401(k) account information through the employee benefits portal or by contacting the plan administrator directly.

What happens to my Viasat 401(k) Savings Plan if I leave the company?

If you leave Viasat, you have several options for your 401(k) Savings Plan, including rolling it over to an IRA or a new employer's plan, cashing it out, or leaving it in the Viasat plan if eligible.