If you live in a condo, having insurance on your condo is vital to protecting both your assets and your property. Condo insurance is similar to homeowners insurance in many ways. It is intended to protect your property from incidents like being stolen from or if your condo sustains damage. The damage sustained includes the damage that gets done to your condo as a result of activities going on in common areas or anywhere on the premises of the property.
Condo insurance is nowhere near as expensive as other types of insurance such as health insurance or auto insurance. The costs of policies will vary depending on how much coverage you want/need. An average insurance plan for condo insurance will usually run you anywhere between $100 and $400 per year.
There are two primary types of condo insurance that you can choose from and can get described as follows:
These are the two main types of condo insurance and determining which one works best for you depends on which kind of home you buy and where the location is.
If your condo only comes with a “Bare Walls” Condo Master Policy, it is vital that you buy additional insurance through a party of your choice. This ensures that all of your property within the condo is covered and protected. Also, be sure that you are looking for insurance that will pay for any medical bills that you may incur if you are home while an accident that damages your property happens.
Condo insurance picks up the costs of any damage that gets done to the inside of your condo. The HOA’s insurance only covers the damage done to the outside of the property. For example, if disasters such as a fire were to strike your condo, if you have condo insurance, your insurance company is obligated to help you replace your property up to the value of the plan you have purchased. Condo insurance is vital to protect everything inside including the structure of your home and your possessions; you will need to purchase a condo insurance plan to cover your assets.
Condo insurance is vital to ensuring that your property and your belongings are safe. You will likely (hopefully) never need the insurance, but if you do, then it’s a good thing to have. Many HOA’s will require you to have some basic insurance to purchase and move into a condo in the first place. Checking with your specific HOA can give you more information on your area’s condo insurance requirements. This insurance purchase of just a few hundred dollars per year could protect you from losing $10,000 or more if your condo was ever to get damaged.
For further information and to get assistance with your condo insurance plan, please feel free to contact us via telephone at 203-723-5000. Branco Insurance Group will happily work with you to find a policy that fits your needs. You can also fill out our form to get a free condo insurance quote in CT.