Home Insurance

 

Condominium Insurance

Condo Insurance is very different from Renters Insurance. There's more you need to protect than just your possessions.

Most condominium associations insure the building's structure and common areas, but each unit's interior construction is the responsibility of the homeowner. If your condo is destroyed, it may be up to you to replace drywall, flooring, cabinets, lighting fixtures and so on.

Also bear in mind that if you are found liable for damage to a common area – say your adorable new puppy rips up the Berber carpet in the lobby – you may be responsible for repairs.

To make sure you have the right policy coverage, be prepared to tell agent Rex Young what deductible amount your association's policy has.

Who's Responsible for What?

Typically your Condo Association is only responsible for the structure
You are typically responsible for all interior fixtures and construction

Your Condominium Insurance Policy Will Include:

• Personal Property Protection
  Covers the loss or damage to your stuff
• Real Property Protection
  Coverage for things you own such as fixtures and other installations that are not typically considered personal property
• Family Liability Protection
  Provides legal representation and insurance against judgments
• Guest Medical Protection
  Covers medical costs for visitors injured at your home
• Additional Living Expenses
  Reimbursement for costs of temporary housing during reconstruction
• Building Property Protection
  Condo owners are responsible for insuring their units. The association typically is responsible for the exterior of the units and the association's property.

Coverage Options:

• Replacement Coverage
  Allows you to receive the full purchase price of lost items
• High Value Item Coverage
  Extend protection beyond your basic policy limits

Insurance Discounts & Savings:

• Multi-Line (Home + Auto) – Discount depending on the type of home and the state in which you live.
• Protective Devices – Discount depending on the combination of installed protective devices.
• 55 or older and retired – Discount depending on the type of home.