Condo Insurance
Shopping for condo insurance?
You’ve come to the right place.
Condo Insurance is very different from Renters Insurance. There's more you need to protect than just your possessions.
Most condominium associations insure the building's structure and common areas, but each unit's interior construction is the responsibility of the homeowner. If your condo is destroyed, it may be up to you to replace drywall, flooring, cabinets, lighting fixtures and so on.
Also bear in mind that if you are found liable for damage to a common area - say your adorable new puppy rips up the Berber carpet in the lobby; you may be responsible for repairs.
To make sure you have the right policy coverage, be prepared to tell us what deductible amount your association's policy has. That way we can make sure there are no gaps in coverage if a loss occurs.
Naturally, insurance coverage is subject to policy terms and conditions. But it’s important to help protect your investment by choosing insurance that you decide is right for you.
What kind of coverage should you consider?
Your Condo Insurance Policy Will Include:
Property Protection: Condominium associations are responsible for insuring common areas, such as the building exterior and walkways. But as a condo owner, you’re typically responsible
for covering everything inside your unit, including cabinetry and appliances.
Talk to our agent to calculate an appropriate amount.
Guest Medical Protection: If someone inside your condo is accidentally injured, this coverage can provide payments for reasonable medical expenses, whether or not an accident in your home was your fault.
Liability Protection: This coverage helps protect you against the legal responsibility for any injury or property damage that you or anyone else insured under your policy may have caused to other people on or away from your property. It includes compensation for the injured party, the cost of defending you in court and most court awards — up to the limits of your policy. If you have significant assets, you should consider purchasing additional levels of liability protection.
Additional Living Expenses
If a covered loss (like a fire) makes your condo uninhabitable, this policy will cover the reasonable increase in expenses needed to maintain your normal standard of living for a certain amount of time. This may include payments for a hotel, food and other expenses.
Loss Assessments Coverage
If your condominium association levies special assessments against you resulting from certain losses to your condominium complex, your policy will pay your share of such assessments up to the $1,000 coverage limit.
Extended Protection
It's difficult sometimes to know who (or which insurance party -- the association or the unit owner) is responsible for loss when damage occurs to both the residence premise and to property owned in common by the members of the condominium association. A very important coverage for condominium owners is Extended Protection this coverage provides insurance protection for a loss when a loss occurs to a common area-- let's say bathroom plumbing. Extended protection coverage pays to repair, rebuild, or replace damaged condominium property as long as policy conditions are met. No deductible applies to extended protection coverage-- in many cases this coverage is used because the condominium association deductible is too high. Read my blog for information on this important coverage.
Typical covered perils include:
Fire
Lightning
Wind and hail
Freezing of plumbing
Smoke
Theft
Explosion
Falling objects
Vandalism/riot
Options to Help Meet Your Needs as a Condo Owner:
Your personal property is typically protected under your condo policy—but within limits.
For example, a policy may cover up to $1,000 for stolen jewelry. Allstate offers unique
personalized options for today’s homeowner needs, including:
- $10,000 expanded coverage for jewelry, watches and furs ($2,500 per item)
- Electronic Data Recovery to help pay costs to recover lost data from your computer
- Identity Restoration to help you restore your good name in case of ID theft
- Additional Loss Assessments Coverage to pay for condo assessments more than your $1,000 limit
Questions to Ask Before Selecting Your Condo Insurance:
- How much coverage does my condo association carry?
- What parts of my condominium does my association not cover?
- What are my insurance responsibilities?
- How much would it cost to repair the inside of my condo if it were damaged?
- What kind of protection do I have against liability claims?
- How can I save money on my condo owners insurance?
- What kinds of things are not covered by condo owners insurance?
- What exactly is “replacement cost?” How does that differ from “actual cash value?”
- If I file a claim, do I have to work with the insurance company’s contractors?
- Does a condo policy include flood insurance?
Complete the Condo Insurance quote now and get the best rate for you!
Prefer to talk to an agent?
Call us anytime at
630-369-0759