Alabama Condo Insurance

Get Condo Insurance Protection in Alabama

Living in a condo is the perfect solution for many Alabama residents. You can find condos close to the ocean, downtown or even rural areas, and they provide residents amenities such as fitness centers, parks and even pools, without the worry of upkeep or maintenance. One major factor in renting or owning a condo, however, is having condo insurance to cover the condo and your possessions. While it's not legally required, it's a wise investment. A local insurance agent can help you get quotes on a reasonably priced condo policy.

Alabama Condo Snapshot

  • The average price of a condo in AL is $160,000.
  • The average rent in AL is $689.
  • The average vacancy rate in AL is 7.79 percent.
  • In 2012, 31.29 percent of residents were renters.

Condos are a popular lifestyle choice for many people, whether they are young adults or retirees. Additionally, condos offer the best of both worlds, whether you rent or own.

Condos suffer a statistically higher crime rate than owned homes. There were more than 168,000 property crimes in 2013. If you live in a condo, a condo insurance policy is one way to protect yourself from becoming a statistic.

Condo Insurance Coverage Options in Alabama

Condo insurance protects you as a renter or owner of a condo. A typical condo policy may contain the following options:

  • Liability coverage for bodily injury and property damage: Accidents happen. If an accident occurs on your property, you may be liable for court costs, legal fees and judgments. Liability coverage can help you cover those costs.
  • Personal property: This coverage covers your personal belongings inside the condo such as clothing, electronics, furniture and appliances from incidents such as theft, fire, wind, rain and other disasters.
  • Vacant condo coverage: Some condominium and townhome owners leave their properties vacant or use them as vacation or part-time homes. This affordable coverage helps provide protection for the residence while you're away.

The Difference Between Owning and Renting a Condo

When it comes to insurance, owning and renting are two very different things. When you rent a condo, you only need to get personal property protection and liability protection to cover your risks and assets. The landlord's policy will not cover your belongings or your liability, meaning that you may be liable for any damage to your personal property or injury that happens in your condo.

When you own a townhome or condo, however, your insurance policy will closely resemble a homeowners policy. Lenders will require you to carry insurance on the condo you choose to purchase in order to protect their investment and yours.

What Are Condo Insurance Quotes Like in Alabama?

A condo insurance policy will vary in price due to a number of factors. Insurance companies use these factors to calculate your individual risk and coverage needs. When shopping for condo insurance quotes, be sure to have the following information available:

  • Location of condo
  • Owning/Renting
  • Residents/Ages
  • Driving records for residents
  • Value of personal belongings in condo
  • Coverage desired
  • Deductible preferred
  • Your credit score
  • Your lender information
  • Claims history

Your insurance agent will use these facts in order to get you accurate quotes for coverage and see where you may be eligible for discounts.

Are There Discounts Available on Condo Insurance in Alabama?

Just like many other insurance policies, there are, typically, many discounts available on condo insurance policies, such as the following:

  • Multi-policy discount
  • Good driver discount
  • New customer discount
  • Loyal customer discount
  • Security/fire sprinkler system discount
  • Paid-in-full discount
  • Industry-affiliation discount

Each insurance company has its own discount program, so while you're shopping around for condo insurance and before you purchase, be sure to ask about any discounts that may be available to you.

How To Purchase Condo Insurance in Alabama

When shopping for condo insurance in Alabama, having a professional by your side that knows the market and the risks is key to getting the best coverage at the right price. A Trusted Choice® agent is always available to answer questions, suggest coverage or even help you file a claim.

Now, who's ready to get their insurance problems solved?