As a condo owner, you probably pay condo association fees that include insurance protection for the common areas you share with other unit owners, such as the hallways, elevators, and pool. However, you still need to purchase your own private insurance that covers everything excluded by the Master Policy your association pays for. This usually includes coverage for your unit and the things inside it, as well as your personal liability against any potential third-party damages or loss.
At Anton Insurance, we understand the risks that condo owners face and the importance of finding coverage that minimizes your exposure. We also know that saving money on condo insurance is a priority. As an independent agency, we can shop and compare costs for the coverage you need, finding you quality protection at affordable rates.
Understanding Your Condo Insurance Policy
The coverage in your policy may include protection for a wide range of loss events, some of which include:
- Theft and vandalism
- Fire, smoke, and explosion
- Falling objects
- Wind, hail, and lightning
- And more
Talk to your agent about the types of losses covered by your policy. Some policies offer broad protection for nearly all losses except for those excluded by name. Others are more limited, extending coverage only to the specific loss events included by name. Keep in mind that some types of events, such as flooding, are not generally covered by any condo insurance policy. However, you may be able to purchase separate, stand-alone coverage to offset your risks.
Your condo insurance can include a wide range of protections, all of which are packaged neatly into one convenient policy. These typically include:
Structural Property Coverage
Although your condo association’s coverage may provide some limited protection for the structure of your unit, it may not pay for the complete rebuilding and refinishing of the interior. The structural property coverage in your policy can pick up where your association’s policy leaves off, paying to restore your fixtures, walls, built-ins, flooring, paint, and more.
Personal Property Insurance
How much would it cost to replace everything in your condo, from the furniture and electronics to your candles and toiletries? With personal property insurance coverage, you are reimbursed when your belongings are damaged or destroyed due to a covered loss event. The loss is typically subject to your deductible, with any remaining loss reimbursed to you based on either the actual cash value (depreciated value) or the full replacement value of your items (whichever you choose for your policy).
To get an idea of how much personal property insurance coverage you may need, consider taking inventory of your home. Note each item you own, along with any receipts for your purchases or appraisals for the items you own. Then, talk with your agent to ensure you are adequately insured. In some cases, additional scheduled coverage may be necessary to cover certain categories of high-value items, such as furs, collectibles, and jewelry.
With condo ownership comes new risks – specifically the potential to be sued for third-party injuries and losses. Whether a guest gets hurt in your home or your dog accidentally knocks a potted plan off your balcony and onto a pedestrian below, there are endless ways you could find yourself on the receiving end of a lawsuit. Condo liability insurance can help you afford the cost of defending yourself, as well as help cover your financial responsibility for the damages. This coverage typically extends to all members of your household and generally includes incidents that occur away from home, as well. We recommend purchasing high liability protection limits, as any excess damages beyond the limits of your coverage are still your personal responsibility to pay.
Medical Payments Coverage
If a guest cuts herself while using your butcher knife during a dinner party, medical payments coverage can help pay for the emergency room bill. Medical payments coverage does not replace your liability protection, but it may help you avoid a lawsuit if someone is injured in your home. This coverage pays limited benefits for necessary medical expenses – usually up to a few thousand dollars. It is also no-fault protection, meaning there is no need to prove negligence or fault in order to file a claim.
Temporary Living Expenses
It can take many days, weeks, or even months to repair or rebuild a damaged condo unit after a covered loss event. During that time, your condo insurance can help you cover the extra living expenses you incur, such as hotel charges, apartment rent, and the cost of services to replace your ability to prepare meals or do laundry at home.
Loss assessments are shared financial responsibilities among condo association members. They sometimes occur when the cost of a loss exceeds the value of the coverage in the association insurance policy. To avoid an unexpected expense, you can include coverage for loss assessments in your condo insurance policy.
Wisconsin Condo Insurance Quotes
If you own your own condo or plan to purchase one soon, we here at Anton Insurance want to help you find the quality coverage you deserve. When you work with an independent agent, you are working with someone who can offer helpful advice, ongoing support, and access to several of the state’s leading insurers – not just one. From choosing your deductible and coverage amounts to finding discounts that can help you save money on premiums, our goal is to help you custom-tailor your protection to meet your needs.