Call it hybrid-living or maybe just a great alternative to traditional single-family homes and rental properties; but, condo ownership is a unique way of minimizing your responsibilities for the upkeep of your home while still enjoying the benefits of ownership. Simply pay a condo association fee, and everything is covered – almost. When it comes to insurance, the master policy on your condo probably stops where the inside of your unit begins. The rest is up to you to insure.
To better understand how condo insurance works, consider this:
Your first-floor condo is flooded after the pipes in your building burst one winter. The water destroys your baseboards, flooring, furniture, electronics, and more, leaving you with more than $20,000 in damages. Your condo association’s policy will cover the exterior walls of your unit, but everything else falls on your shoulders. Could you afford the cost of repairing and restoring your condo? With condo insurance, you pay a pre-determined deductible for any covered event, and your insurance company takes care of the rest.
How Much Condo Insurance Do You Need?
Condo insurance coverage can vary depending on your needs. The coverage that works for one condo owner may not be right for another. It is important to work closely with your independent insurance agent when determining how much coverage to purchase. At Dennis Gutman Insurance, we help our customers find answers to questions like:
- How much of your unit is covered by your condo association’s insurance?
- How much would it cost to rebuild or replace the inside of your condo?
- Are you responsible for the interior walls and fixtures?
- What is the total value of your personal belongings?
- How much cash would you need for living expenses while your condo is repaired?
- What is the value of your assets in case of a lawsuit?
- How much of your future income could be at risk in a lawsuit?
Types of Condo Insurance Coverage
A traditional condo insurance policy includes multiple types of coverage, each of which is designed to protect you, your property, and your assets. We offer policies with:
Personal Property Protection
Personal property protection picks up where your condo association’s master policy leaves off. It pays to repair or replace damages and losses caused by certain covered events. Examples include fire, smoke, wind, theft, vandalism, and accidental water damage.
Accidents occurring as a result of your personal activities or those of your household members are typically covered by condo liability protection. Whether an incident occurs off-property or a friend trips and falls in your home, liability can help pay for medical bills and protect you if you are sued.
Loss of Use
If you are unable to live in your condo due to a covered event, your loss of use coverage can help pay for temporary lodging and living expenses. Loss of use coverage typically pays for food, hotel and other related expenses while your condo is being repaired.
Loss Assessment Coverage
When someone is injured on the common property you share with other condo owners, or if your building suffers extensive damage, your condo association may pass any costs not covered by the master insurance policy on to you. Known as loss assessments, your personal condo insurance can help cover these unexpected bills, which may come in handy if someone is severely injured in the property swimming pool or gym.
Condo Insurance Quote in Manitowoc, WI
If you own a condo in the Manitowoc area, make sure your condo insurance is providing you with the protection you need. To discuss your coverage options or to request your free condo insurance quote, contact our office today. We look forward to serving you soon.