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January 22, 2024

What Is Condo Insurance?

As a condo owner, you’ve invested significant financial resources into your home. Living in a condo generally combines the financial incentives of homeownership with the convenience of being part of a larger community living arrangement. However, like all property ownership, purchasing and maintaining your condo requires adequate insurance. Fortunately, condo insurance can provide personalized and customizable coverage to secure your financial interests.condo insurance

How Does Condo Insurance Work?

Like many types of insurance, condo insurance establishes a contractual agreement between you and your insurance company. By purchasing and maintaining coverage through regular (e.g., monthly) premiums, you can retain the ability to file a claim against your policy following covered incidents, such as fires, burglaries, vandalism and hail. If your claim is approved, you can receive a payout from your insurance company up to your policy’s limits and minus your deductible.

What Does Condo Insurance Cover?

Also known as condominium insurance, these policies may include many of the same features as traditional homeowners insurance. Generally, condo insurance can help pay for losses involving the following:

  • Interior of residence—Although condo owners may not be responsible for the exterior walls and structure of shared buildings, coverage for interior walls and customized features (e.g., upgraded kitchen and bathrooms) may still be necessary.
  • Personal property—Condo insurance can typically provide financial assistance if a covered peril damages your belongings, including furniture, electronics and clothing.
  • Additional living expenses—If you are forced to vacate your home temporarily, this coverage may help pay for additional costs and financial losses, such as hotel accommodations, restaurant meals and storage space.
  • Personal liability—If you or another insured, such as your spouse or dependent, are at fault for another party’s losses, such as the injuries of a guest or property damage of a neighbor, your insurance may render aid to limit your out-of-pocket expenses.
  • Loss assessment—This coverage can help pay for losses and damages involving common areas in your condo community that your condo association may require all residents to contribute toward.

How Much Does Condo Insurance Cost?

Insurance companies may need to analyze many factors and your unique circumstances while assessing your condo insurance needs and quoting you a rate for adequate coverage. In many cases, this process may include consideration of the following:

  • Location
  • Property details (e.g., age, building materials and security features)
  • Credit score
  • Prior claims history
  • Policy details (e.g., endorsements, coverage limits and deductibles)

Get the Right Coverage

At Bovard Insurance Group, our dedicated staff is well-equipped with the knowledge, experience and resources to help condo owners understand their coverage options and secure optimal policies. Visit our website or call 913-529-1130 to learn more or to get a personalized condo insurance quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

Categories: Blog

Tags: Condo Insurance

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