If you own a condo, you may think your condo association’s insurance policy will pick up the bill if something were to happen to your condo and the contents in it. However, this is not the case in most situations, and you’ll need condo insurance on your own. While the condo association may have coverage that takes some of the burden off of you, you still need to get separate coverage to ensure you have full protection.
Typically, the condo association insurance will cover the exterior of the building and common areas. But, this Homeowners Association (HOA) policy or master policy won’t cover the contents inside your specific unit. Additionally, it might not even provide coverage for all damage that occurs outside your condo unit.
How Much is Condo Insurance
Rates for condo insurance vary greatly depending on the condominium’s value, the condo association policy, and the geographic area. The main factors that will likely affect the rates of your policy include:
- Which coverage options you decide on.
- The amount of coverage you require to have complete coverage.
- The construction and location of your condo.
- Your deductible.
- Available discounts and deals.
There are some things you have to do to decide on the amount of insurance coverage you need for your condo. First, you’ll need to find out what coverage your condominium association master policy provides. If you’re lucky enough where the condo association provides an “all-in” master policy, you may have coverage for things like your ceilings, floors, windows, and walls. If this is the case, you’ll only need enough insurance to protect your appliances and other belongings. If the condo association doesn’t have an “all-in” master policy, you’ll be responsible for getting coverage for all those things mentioned.
Next, you’ll need to figure out the amount of contents coverage you require. Go through each room of your condo and create an inventory list of all your possessions. Include things on this list such as:
This list will help you determine the entire value of all your personal belongings. If you have valuables that are very expensive, you might want to consider buying “riders” or additional endorsements to ensure you have full coverage.
Buying condo insurance can get overwhelming; therefore you’ll benefit most by working with an independent insurance agent. An agent in your area will obtain multiple insurance carriers and compare different rates so you get a handful of quotes to choose from. Your agent will also help you find the best deals and discounts to ensure you get the best rate.
For multiple quotes for condo insurance, complete our online insurance quote form.