Condominium owners often think they don’t need condo insurance. After all, in most cases you aren’t required to insure the actual structure or even the roof of your condo. Yet, you are responsible for damages to the inside of your unit, and you still need to protect your belongings. Condo insurance provides an affordable solution for doing both.
What Is Condo Insurance?
Condo insurance is a policy designed for the unique circumstances of owning a unit in a condominium building. It helps pay for the cost of interior repairs to your unit and replacing your belongings if they are stolen or damaged by fire, vandalism, theft, or other risks.
What Does Condo Insurance Cover?
Condo insurance covers many of the same risks as homeowners insurance, including:
- Personal possessions. Condo insurance covers damage, destruction or theft of your personal property. Suppose you have a washing machine in your condo and a hose ruptures, flooding your living room. The right condo insurance may cover the repairs to carpeting, flooring, furniture, and other personal property.
- Liability. This can pay for damages and legal fees if you cause accidental bodily injury or property damage to others. In many cases, this applies whether or not the incident occurs in your condo. For example, if the flooding from your washing machine seeps under the walls and causes property damage to your neighbor’s unit, condo insurance will cover that as well.
- Medical payments to others. Condo insurance can pay for medical bills when someone is injured on your property, regardless of fault. With the cost of hospitalization and medical treatments, this coverage can save you thousands of dollars.
- Loss of use. Suppose a fire causes so much damage you can’t live in your condo for a while. Condo insurance may reimburse you for living expenses until you can move back into your home.
What your policy covers:
Your personal possessions
Covers damage, destruction or theft of your personal property.
Pays for loss settlement and legal fees in the event that an insured party causes bodily injury and/or property damage to others.
Loss of use
Reimburses you for living expenses that exceed your normal living costs if you cannot live in your home due to a covered loss.
Medical payments to others
Pays for medical bills when someone is injured on your property, regardless of fault.
Add additional coverages to customize your policy:
Identity theft protection
Covers up to $15,000 of expenses you incur as a direct result of identity theft.
Personal injury protection
Protects you against claims of libel, slander, and invasion of privacy under your homeowners insurance policy.
Coverage for valuables
Offers open perils coverage for your valuable items such as jewelry, furs, cameras, musical instruments, silverware, fine arts, and golfer’s equipment.
Increased limits on personal property
Extend personal possessions coverages beyond the standard limit.
What Are the Benefits of Getting Condo Insurance From Homesite?
Condo insurance offers a long list of benefits that make it well worth buying.
- Protects against risks your homeowners association (HOA) won’t cover. Your HOA is responsible for the cost of damages to the basic structure of the building. However, it will normally not pay for interior fixtures, furniture or other personal items, even if they are damaged or destroyed due to external circumstances such as fire or a natural disaster.
- Replacement of valuables. Suppose someone breaks into you condo while you are away and steals your brand new 60” high-definition LED television; condo insurance can cover the loss so that you can replace it.
- Home office protection. Working out of your home involves unique risks. Condo insurance from Homesite offers optional protection against damage or theft of inventory, computers, office equipment, and more.
- Coverage away from home. Homesite condo insurance policies may cover events that occur away from home.
- Uncovered disaster protection. HOAs cover some disasters but not all. For example, in most cases, HOAs will not pay for damages to your belongings that result from earthquakes. Condo insurance lets you buy additional coverage to protect against these types of disasters.
- Additional coverages. Most condo insurance policies offer optional coverage for identify theft, libel, slander, invasion of privacy, and other unusual risks.
Most of all, condo insurance provides peace of mind. There’s nothing like knowing your condo and its contents are fully covered when the unexpected happens.