Condo living can be a perfect solution for many people. And condo insurance can give you the protection you need to enjoy your condo. Condos provide ample personal space, along with maintenance, without the close quarters inherent to apartments. For retirees, young professionals and empty nesters, condos can be a wonderful housing option.
If you rent your condominium, your lending institution may not require insurance. Typically, the landlord’s insurance policy covers what’s termed as “to the studs.” In other words, the landlord’s policy covers the structure to the interior studs. The policy will not cover any furnishings, appliances, belongings or improvements you make to the condo.
If you own your condo, your lending institution will most likely require you to carry insurance to cover their investment and yours. Since the condo belongs to you, there will not be a landlord policy in place. Your insurance, sometimes called an HO-6 policy, can cover any improvements you make, offer liability coverage and cover fire, storm, frozen plumbing, vandalism and broken glass.
Condo insurance policy quotes will vary greatly depending on your location and individual risk. On average, a renters insurance policy costs $185 per year. When you’re looking for condo insurance quotes, make sure you are familiar with the following:
At First Underwriters we will use the above factors, plus many others, in order to give you quotes for a condo insurance policy that will adequately cover you and your belongings.
Unfortunately, if someone sustains injuries while in your condo, you may be liable for damages and medical bills. This liability coverage can help cover those costs, along with judgments and legal fees, up to the limit of your policy.
Unfortunately, property crimes do happen. Whether you are the victim of a theft, arson or weather-related event, this coverage can help get you the funds needed to replace your belongings. Renters typically have at least $20,000 worth of personal assets, so having coverage on these items is important.
Vacant condo coverage is an insurance policy geared toward offering coverage for those who use their condo as an occasional getaway or vacation home. This coverage is usually very affordable and can help cover any damage to your condo while it’s vacant.