Condo owners have unique insurance needs unlike anyone else. Unlike a traditional homeowner, you are not responsible for purchasing coverage that protects the structure of your building and unit – that’s covered by your condo association’s master insurance policy. However, your association coverage does not put you in the clear. You still need to cover the inside of your unit and your personal belongings, not to mention your risk of liability. Here at G&L Insurance, we provide insurance policies custom-tailored to the needs of condo owners. From your upgraded appliances to an unexpected loss assessment, we’ve got you covered.
Types of Condo Insurance Coverage
Condo insurance policies are made up of several different types of coverage, some of which include:
Dwelling and Improvements
If a lightning strike causes your building to burn down, your association’s master policy should cover the cost of rebuilding it. However, the terms within your association’s coverage determine how much of your condo will be rebuilt, whether just the exterior or the some of the interior as well. Your condo insurance should pick up where your association coverage leaves off, perhaps covering the cost of your flooring, moldings, cabinetry, light fixtures, and countertops.
How much are your personal belongings worth? From your expensive furniture to your salt and pepper shakers, starting over with nothing could cost tens of thousands of dollars. Personal belongings coverage helps ensure you can replace the items that are damaged, lost, or stolen due to covered events without experiencing a major financial loss.
Some items you own may have limited coverage under your standard condo insurance. Things like firearms, furs, and fine jewelry often require additional scheduled coverage. Talk to an agent here at G&L Insurance about extra coverage for your high-value belongings.
If someone other than a household member is injured in your condo, they may need access to medical attention right away. Medical payments coverage assures they get the care they need for injuries sustained inside your home, regardless of fault.
Liability is something everyone is at risk of. As a condo owner, you can be held responsible for injuries sustained on your property. Likewise, you could be sued for accidental property damages or injuries you, your pet, or another member of your household cause while away from home. Without the right amount of coverage, a single lawsuit could have life-changing consequences. A court could order liquidation of your assets and garnishment of your wages. Talk to your agent to determine how much liability protection you may need. In some cases, an umbrella policy may be necessary to provide high-value supplemental liability protection and peace of mind.
In the event of a major lawsuit, the condo association liability coverage may not be enough to pay for damages. As a condo owner, you share responsibility for premises liability with other condo owners. That means that any remaining liability damages could be levied against you in the form of a loss assessment. Your personal condo insurance can provide coverage for loss assessments, helping to safeguard you against unexpected expenses.
Condo Insurance Quotes
If you own a condo in Waukesha, Milwaukee, or the surrounding areas, contact our office to request your free quotes. As independent agents, we will shop around on your behalf to find coverage that meets your needs and budget. Call us today. We look forward to serving you soon.