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Where can I buy condo insurance?

Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted...

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella...

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UPDATED: Mar 19, 2020

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CondoCondo insurance is an important purchase for home ownership. Some people may not realize the necessity for it since a condo is sometimes not thought of as the same as a home and some insurance is already provided through the condo association.

However, there are several important benefits to buying condo insurance that are not provided through any other means. There are a few ways to buy condo insurance, from visiting an insurance agent in person to shopping online.

To find and compare condo insurance quotes just select the “home” option above and enter your zip to get started finding the best insurance!

The Difference between a Condo and Other Living Quarters

A condominium is similar to an apartment in that it is one unit within a multi-unit building. The difference between a condo and an apartment is that a condo is owned much like a home, but an apartment is only rented.

When you own a home you usually own the property it is on as well as any other attached or detached buildings on the property. With a condo, you own your own unit, which includes the walls that make up your unit as well as everything inside your unit.

You do not own any part of the rest of the building, the property, or any other buildings that are part of the overall condominium complex.

There are usually several common areas to a condo complex that are shared by all the condo unit owners. Typically these common areas include an exercise room, a swimming area, or a meeting room that can be reserved for birthday parties and such.

Furthermore, all condo complexes have condo associations which are owned collectively by the condo owners. Each condo owner is responsible for paying the condo association fees, which are then used to take care of various condo building expenses, such as lawn care maintenance, snow removal, and insurance.

Condo Association Insurance

The insurance that is provided by the condo association is valuable for every condo owner, but it is not sufficient coverage. That is because the insurance is mainly used for the condo complex overall and not the individual units.

For instance, if there is a fire in the condominium complex, the insurance paid for by the condo association will pay for any resulting damage to the common areas, the elevators, the hallways, and so forth. It may not, however, pay for the majority of damages sustained to your individual unit.

Not every complex has the same agreement, but there are generally two kinds of master policies: Bare Walls In and All In. A Bare Wall In policy covers structural damage to the individual unit but does not include any fixtures or installations, such as countertops, faucets, or floors. Your personal property, such as your living room furniture, is also not covered in a Bare Wall In policy.

Likewise, your personal property is not included in an All In policy either, but an All In policy will cover the fixtures and installations within your condo unit. It may also cover any additions or upgrades that you add to your condo. The Bare Walls In policy requires a more substantial private condo insurance policy than the All In policy, but both policies are inadequate protection for personal property and personal liability.

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The Benefits of Condo Insurance

Condo insurance can provide you with financial protection for all of your personal property that is within the four walls of your condo unit. Without condo insurance you are at risk for multiple perils that can leave you in financial ruin. Condos are at risk for fire and theft and a host of other mishaps, such as overflowing your bathtub and ruining your floor and your neighbor’s ceiling. The majority of these types of occurrences can be covered through condo insurance.

If you do not have an All In master policy through your condo association, then you will need private property coverage from an insurance agent. This will include coverage for your fixtures, installations, additions, and upgrades. Regardless of your master policy, you need personal property coverage to address all of your personal belongings, from furniture and jewelry to electronics and valuables. Personal liability is usually included in condo insurance and it covers injuries or property damage that occurs to other people while they are on your property.

Loss of use insurance provides the benefit of paying for your hotel or rental unit while you are waiting for your claim damage to be repaired. This is only applicable, however, if your unit is not capable of being inhabited during the construction. Loss assessment will cover against major occurrences, such as fire, but this may already be covered by the condo association’s master policy.

Finding Condo Insurance Quotes Online

To buy condo insurance, you have three options. You can phone an insurance carrier, you can visit an insurance agent in person, or you can shop online. Shopping online is one of the most convenient methods to buy condo insurance because it allows you to do comparison shopping at one time without leaving your home, or condo. To request condo insurance quotes now, enter your zip code in the field below and select home insurance to start!

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