Condo Insurance

Finding the Best Condo Insurance

(Because 11 times out of 10 the unexpected wasn’t expected)

June 20, 2018
Couple sitting on sofa in condo

What’s not to love about the condo life? You get all the perks and amenities of living in a fancy apartment building with all the freedom of owning a home. It’s like being able to do whatever you want on a school night while your parents are at home doing your laundry.

It’s a privilege that needs to be properly protected. That’s why our independent insurance agents search high, low, near and far to find the right condo insurance for you at the best possible price. Pretty sweet, right?

What Is Condo Insurance?

Condo or co-op insurance is like diet homeowners insurance. It’s close to the real thing, just a little bit “lighter.” Basically, after a policy is purchased, the insurer will help to pay the tab to recover the value of what you have (under coverage) if it’s damaged or stolen due to a set number of causes.

Is Condo Insurance Mandatory?

Technically, no. But if you have a mortgage, your lender will most likely require it before they dole out the dollars. If not, then coverage will be your call, but of course, we highly recommend protecting you and your stuff.

Why Should I Buy Condo Insurance?

Consider for a second the cost to replace all your stuff after an unexpected disaster. Or imagine that a house guest injures themselves at your monthly wine-night party and sticks you with the medical bills.

Hopefully you’ll never experience those scenarios, but having a legit policy that will protect your bank account will be worth the small chunk of change you’d shell out annually.

What Does Condo Insurance Cover?

Since your condo association has their own coverage that protects the exterior, common areas and so on, you and your insurance are only responsible for what happens inside. More specifically, a condo policy will protect you with a trio of coverages, including dwelling, personal property and liability.

Introducing the three forms of condo insurance coverage:

  • Dwelling: Protects you in the event of structural damage.
  • Personal property: Protects your goodies from theft and damage.
  • Liability: Helps to pay expenses like medical bills if you or a guest are injured on your property. 
three forms of condo insurance - chart

Where Can I Get Condo Insurance?

The good news is that you’re only a couple of clicks away from our extensive network of independent insurance agents. Our expert agents will walk you through a handpicked selection of sweet condo insurance policies. Not only that, they’ll cut the jargon and clarify the fine print, so you know exactly what you’re getting.

Most importantly, they’ll be there to help you when or if claim time comes. The outcome of condo insurance claims can be strongly impacted by how the process is approached and handled.

How Much Does Condo Insurance Cost?

Condo insurance rates will depend on a number of things, like the value of the condo, its location, and the condo association policy. So a quaint 600 sq. ft. condo that sits on an inland golf course might only be $200 a year, whereas a 4,000 sq. ft. extravagant penthouse overlooking Central Park could be $2,000 annually. Basically, the safer and smaller the condo is, the cheaper it will be.

Comparing Condo or Co-Op Insurance Quotes

Our gifted insurance agents will review your needs and help you evaluate the coverage that makes the most sense. They’ll also compare condo insurance policies and quotes from multiple insurance companies to make sure you have the right protection in place. So you’ll have that going for you.

Thirsty for More Condo Insurance Info?

We have a very, very large amount of info and insights on condo insurance. If you’re ready to learn more, here is the gateway/page that will guide you to the information you seek.

TrustedChoice.com Article | Reviewed by Paul Martin

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