CONDO INSURANCE
HOME OWNER'S INSURANCE
GET A QUOTE FOR CONDO INSURANCE
Get Covered Today
What is Condo insurance?
Condo insurance is coverage that helps protect against losses and repair costs for a condominium unit. Condo insurance often provides protection for theft, vandalism, fire damage, water damage, and more.
Condos are a great alternative to renting an apartment or owning a single-family home and they have their own unique insurance needs. But if we may be so bold, after years of dealing with a little, talking green guy, we know a thing or two about "unique."
Why do I need condo insurance?
Condo insurance can still come in handy, even if your condominium association has their own coverage. Their insurance might cover the condominium building, commonly owned property, and liability insurance for the association.
Unfortunately, there are many cases where that insurance policy won't cover you or your things—like a break in, water damage to your living room walls, or someone injuring themselves slipping on your wet kitchen floor. That's why you need condominium insurance designed specifically for condo or co-op owners.
Condominium policies help protect your personal property and the interior of your unit. You will also have liability protection for bodily injury or property damage to others. It's easy to get a quote for a condominium insurance policy that will provide these coverages. Need help estimating the value of the contents in your condo or co-op?Fillout the form above.
What does a condo insurance policy cover?
The articles of the condominium association and state law determine exactly what's covered under the association's master insurance policy.
In most cases the association's coverage stops after the exterior walls meaning that you are responsible for the interior walls and possibly for fixtures, as well as your personal property and liability. This is where your own personal condo policy would come in. Most policies will include coverage for losses arising from:
Fire or Lightning
Windstorm
Vandalism or Malicious Mischief
Theft
Accidental Discharge of Water
CONDO INSURANCE FAQ's
What is condo insurance, and why do I need it?
Condominium owners insurance can protect you and your unit from the unexpected. If your condo is damaged, your belongings are stolen or someone gets injured at your home, it can help cover repairs or replacement, temporary housing, medical bills, legal fees and more.
A condo policy is recommended for anyone who owns a condo, and may even be required by your mortgage lender. Your condo association may also have its own coverage requirements, which may reflect your community by-laws, rules and coverage gaps in the association’s insurance policy (or master policy). And in certain areas, you may need separate policies or coverage to help protect your condo and personal belongings against damage due to floods, earthquakes, windstorms or hail.
Most policies have 3 key elements: the premium which is how much you pay for coverage, deductibles which are how much you’re responsible for out-of-pocket in the event of a covered claim, and limits which are the most your insurer will pay for a claim.
Condo insurance is coverage you hope to never have to use, but if the unexpected happens, it can help you restore your life back to normal.
What do I need to consider when choosing condo insurance?
When figuring out how to choose condo insurance, consider these key questions:
What is the estimated cost to replace, rebuild or repair your condo unit—the “replacement cost”? – Do you need walls-in coverage or coverage for the entire unit?
Do you own any additional structures on the property (e.g. garage)?
How much of a deductible can you afford to pay if you have a loss?
What are your valuables worth?
Do you have frequent visitors over?
Do you work out of your condo?
Do you rent any part of your condo or property?
Do you qualify for any discounts?
What are the basic coverages required by your mortgage lender?
Does your condo association have any coverage requirements and gaps that you need to address?
How much personal property coverage do I need?
Personal property coverage (Coverage C) is required on all condo policies. It can help repair or replace personal items in your condo like furniture, clothing or electronics that may be damaged by a covered loss.
Other assets like cash, collectibles, jewelry, furs and silverware may have limited coverage, but additional coverage may be available with a valuable items endorsement or a separate policy. Think about what it would cost to repair or replace your personal belongings and valuable items, and if additional coverage would make sense for you.
Do I need condo liability coverage?
Liability insurance helps protect your assets and cover your defense costs if you or a household family member is found legally responsible for causing injury to other people or their property. It can provide coverage for bodily injury, property damage, medical payments and legal expenses.
Do you have a high level of risk or many assets to protect? You can always discuss your liability coverage needs, options, deductible and policy limits with your insurance representative.
What is additional living expenses coverage?
If you are unable to occupy your condo due to a covered loss, additional living expenses coverage can help you pay for increased temporary housing and some living expenses. This can include hotels, meals, laundry and other related expenses.
Note: you are still responsible for your deductible, as well as any related costs above your policy limits. An insurance representative can help you determine the amount of coverage that would be appropriate for your situation.
What is additions and alterations coverage for condos?
Coverage for damage to additions, alterations and improvements you’ve made to your condo unit. Generally, this is part of the dwelling coverage (Coverage A) and may include items such as appliances, flooring, kitchen renovations and more. If you financed any of these improvements, your lender may require certain coverage options and limits.
Think about what it would cost to repair or replace any of these improvements.
What other condo coverages should I have?
Here are a few common optional property coverages available for you to consider:
Contents replacement cost:Covers the replacement cost for most of your personal property
Valuable items coverage: Provides extra protection for items like jewelry, collectibles, and fine art
Broadened content coverage: Protects your personal property against additional types of losses
BLOGS
No blogs found
No blogs found
About Benadette
Bernadette is a businesswoman who has the Heart, Experience and Knowledge and who professionally possesses an affectionate and caring attitude to the consumers, clients or people in general. She achieved the licenses she holds to be able to contribute to the community by assisting colleagues, peers, families and friends and the general public.Bernadette is a businesswoman who has the Heart, Experience and Knowledge and who professionally possesses an affectionate and caring attitude to the consumers, clients or people in general.
Offers
Life insurance by design... Design yours and your love ones events/expenses around this policy.