When you move to a new place, you need insurance that is custom-tailored specifically for your risks while you live there. Condo insurance is coverage for people who own space in a building shared with other residents. Whether you’re about to close on your first condo or you’ve owned your home for many years, we here at Jarosch Insurance can help you find personalized coverage that fits your needs and preferences.
While a typical condo insurance policy will not cover flooding, there are a wide range of other perils and hazards it can protect you against, including:
- Fire and Smoke
- Theft and Vandalism
- Explosions
- Falling Objects
- Wind
- And more
You may also be able to add on endorsements for damages caused by certain types of events, such as sewer backup and earthquakes. Talk to your independent agent about your options for improving your policy and minimizing gaps in your coverage.
Types of Condo Insurance Coverage
Your condo insurance policy will include an outline of various coverages, each of which works together to provide you with comprehensive protection against the unexpected. Typically, condo coverage includes:
Structural Property Coverage
Condo insurance covers damages to the structure of your condo and can restore it and all of the upgrades you have made to your unit over the years. However, it is important to know the details of your condo association’s master insurance policy when purchasing coverage for your private policy.
The master policy pays for damages to the structure of your building and usually extends to the structural components of each condo, too. Some master policies have generous benefits and may even restore your entire condo to its original construction. Other master policies only cover the rebuilding of the exterior walls of your condo, leaving you to cover the interior walls, moldings, baseboards, flooring, cabinets, countertops, and fixtures yourself. At Jarosch Insurance, we help our clients determine where personal coverage should begin based on where the master policy leaves off.
Personal Property Insurance
How much would you lose if your condo were destroyed by a fire? If you add up the value of your furniture, rugs, décor, kitchenware, apparel, electronics, and other possessions, you may find that your personal property would cost tens of thousands of dollars to completely replace. A typical condo insurance policy compensates you for damage or loss of your belongings, whether due to theft, fire, or some other covered event.
To accurately assess your personal property coverage needs, we recommend taking inventory of your condo and listing all of the things you own. Then, sort your items by category to determine if you may need to schedule additional coverage for high-value items that are subject to limited protection under most condo insurance policies.
Once insured, your items are protected wherever they are, whether inside your apartment or traveling with you abroad. If you need to file a claim, the loss will be reimbursed to you based on either the actual cash value (ACV) of your belongings or their full replacement value. Most standard condo insurance policies only cover ACV, but you may be able to upgrade your coverage with a replacement value endorsement.
Liability Insurance
Liability insurance pays for non-collision third-party losses when you or a member of your household is legally responsible. It can also protect you against financial liability if someone is injured while visiting your home. With the right amounts of liability coverage, your policy can cover your lawyer fees and court costs if you are sued, as well as any judgments or settlements you are found responsible for.
We recommend consulting closely with your independent agent to assess your actual liability coverage needs. At Jarosch Insurance, we consider many different variables, including the amount of income and assets that could be at risk to a lawsuit. Our goal is to minimize your risk vulnerability with enough protection to pay for the full extent of your liability in the event you need it.
Medical Payments Coverage
If your condo insurance contains coverage for medical payments, it means that your policy will pay benefits to guests who require medical attention after being injured at your home. Since the coverage is no-fault, it pays benefits even if you have no actual liability for the injury. Although the coverage is limited, it may be enough to prevent an actual lawsuit.
Temporary Living Expenses
Sometimes disasters leave living spaces uninhabitable. If your condo is damaged by smoke, fire, or some other covered event, condo insurance can help pay for the extra living expenses you may incur while living somewhere else. This could include the cost of a hotel and meals, as well as laundry expenses.
Loss Assessments
Residents of a building share responsibility for excess liabilities and damages that exceed the coverage available from the master policy. A loss assessment is a bill levied against you by your condo association for your share of these excess damages. With loss assessment coverage, your private condo insurance can help bear the brunt of the costs.
Why Choose an Independent Agent?
If you aren’t using an independent insurance agent for all of your coverage needs, you could be paying too much for too little coverage. We shop and compare condo insurance policies and rates from multiple carriers instead of just one. We can also look for discounts to lower your premiums without affecting the quality of your coverage. Examples include:
- Remaining claims-free
- Bundling condo and auto coverage
- Installing a monitored home security system
If you are purchasing a new condo or simply exploring coverage options for your existing condo, contact our office to request a free quote. We look forward to serving you soon.
