Condominium Insurance

What is condominium insurance?

Condominium insurance is similar to homeowners insurance but is designed for the specific needs of condo living. Many families choose condos because of the convenience of on-site maintenance and access to community amenities. In this environment, the main structures of all buildings and common areas are covered by an insurance policy held by the condo association. However, a personal condo insurance policy may cover property damage and liability risks of the unit owner.

Who benefits from condominium insurance?

Condo insurance is beneficial for all condo owners as well their visitors. In fact, most mortgage companies require condo owners to purchase a policy for the duration of their loan. Condo insurance may cover damaged, lost or stolen property due to fire, theft or natural disaster. This protection could extend to interior furnishings, including walls, flooring, ceilings, appliances and fixtures.

In addition, this type of policy could cover you against liability claims. If you are found liable for a visitor’s injury, condo insurance could cover associated medical expenses and/or legal fees.  If you rent out your condo on an annual or short term basis, you will need to disclose this information to your agent in order to get proper coverage. Most carriers will allow an endorsement to be added if the unit is rented on an annual basis.  If the unit is rented out on a monthly or weekly basis, it is important to get placement with the correct carrier that will cover this exposure.  If a claim occurs while a condo unit is being rented on a short term basis and the carrier was not aware, a claim could be denied.

How much condominium insurance do you need?

The necessary amount of condo insurance largely depends on the value of your possessions and the replacement cost of the interior structure. By determining how much it would cost to replace your possessions, you can estimate the policy size that would be appropriate for your individual needs.

Call us today to learn more about protecting your home with condominium insurance.  You can also submit a request for a quotation directly through this website.  We look forward to hearing from you.