Moving into a new condo is exciting. Whether you are buying your first home, moving to a new city, or simply looking for a place closer to work, there is nothing quite like the low-maintenance lifestyle a condo can provide. Protect it well with a personalized insurance policy from Luxor Insurance. We can help you shop and compare coverage solutions from several Indiana insurers until you find a policy well-suited to meet your needs and preferences.
Working with Your Condo Association’s Master Policy
When you purchase a condo, you join the building’s condo association, which assumes shared responsibility for the public spaces on the property. A portion of the fees you pay the association is usually put toward the cost of a master insurance policy that safeguards residents against unexpected property damages and liability.
However, this coverage is very limited and generally stops where your condo unit begins. Will it cover the interior walls, flooring, and cabinetry in your condo, or will it stop with the rebuilding or repair of your exterior walls instead? Here at Luxor Insurance, we can help you break down the coverage definitions in your master policy to determine what types of private protection you may need to avoid coverage gaps.
Types of Condo Insurance Coverage
Your condo insurance is designed to protect you against a wide range of perils and hazards. Examples include:
- Fire
- Smoke
- Theft
- Vandalism
- Explosions
- Falling Objects
- Wind
- And more
Though the exact details of your coverage can vary depending on your policy and insurer, a typical condo insurance policy will cover:
Structural Property Coverage
If something happens to your condo, you want it repaired and restored to like-new condition as quickly as possible. Wherever your master policy leaves off, your private condo insurance can pick up, helping to reconstruct your condo exactly the way it was before the damage occurred. Just be sure to keep your insurer in the loop if you make upgrades to your home’s finishes and fixtures.
Personal Property Insurance
Your possessions are the things you own. Perhaps you keep some of them in your condo and others in storage. Maybe some items remain in your car or travel with you all over the world. From your furniture and apparel to your jewelry, kitchenware, electronics, and more, personal property insurance protects the things you own against damage, loss, or theft due to a covered event.
In most cases, personal belongings are covered for their actual cash value, which is the value of your items accounting for their depreciation. However, it is possible to upgrade your coverage to include full replacement cost protection. This ensures you have the funds to replace your damaged items with new ones with minimal out-of-pocket costs besides your deductible.
You should also talk to your agent about scheduling additional coverage in your policy for expensive, high-value items like jewelry, fine art, or firearms. Otherwise, these types of items may not be covered to the full extent of your personal property coverage limits. Instead, they are often subject to ‘special coverage’ caps that limit their available protection.
Liability Insurance
If you are sued for injuring someone or damaging their property, liability insurance helps pay for the related expenses, such as court costs, legal fees, and any judgments brought against you. Generally, this includes damages caused by non-collision events either in your condo or away from home. The coverage typically extends to incidents caused by any member of your household, including your pet.
We recommend choosing high liability coverage limits, as any damages that exceed the value of your coverage are still your responsibility to pay out-of-pocket. That could force you to dip into your savings or face future wage garnishments until your debt is satisfied.
Medical Payments Coverage
Medical payments coverage is no-fault insurance, meaning you do not need to be at-fault for the policy to pay benefits to an injured party. This type of coverage does not protect you against any liability you may incur as a result of an accident but instead provides limited medical bill reimbursement if a guest is injured in your home. For minor injuries, the coverage is often enough to satisfy the needs of the injured party and avoid a potential lawsuit.
Temporary Living Expenses
If a tree falls through your condo or a fire destroys your entire unit, you will need to find somewhere else to live right away. The displacement coverage in your condo insurance can help you afford extra living expenses when you lose the use of your kitchen, washer, dryer, and home. This can include meal, laundry, and hotel expenses until your condo is rebuilt or restored.
Loss Assessments
If your condo association’s master policy does not have enough coverage to pay for damage or a lawsuit, you could become partially responsible for the excess damages. Loss assessment coverage helps pay for shared financial responsibility you may bear as a member of your condo association.
Why Choose an Independent Agent?
When you purchase condo insurance from an independent insurance agent like Brad Seufert, you are gaining access to the support and experience of a person with extensive industry knowledge, as well as the ability to shop and compare rates from multiple insurers all in one place. We can also explain how you can maximize your insurance savings with additional discounts for things like:
- Being claims-free
- Installing a monitored security system in your condo
- Bundling condo and auto insurance with the same carrier
If you are in the market for a new Indiana condo insurance policy, we want to be your one-stop-shop for all your coverage needs. Contact our office today to find out more about how an independent agent can help you save on your condo insurance and other personal lines of coverage. We look forward to serving you soon.
