Cooperative living has proven to be an ideal housing alternative for many residents of Alaska. Owners of condominiums and townhomes benefit from hassle-free maintenance of common areas and on-site amenities such as fitness centers and club houses. You need a suitable condo insurance policy whether you own a condominium in downtown Anchorage for its convenient location near your job or have chosen to spend your retirement years in a townhouse in Homer. You can find a policy that is both inclusive and affordable when you take the time to compare condo insurance quotes in Alaska.
Average Condo Sales Prices in Alaska, 3rd Quarter 2013
- Existing construction: $153,500
- New construction: N/A
- Existing construction: $171,825
- New construction: N/A
- Kenai Peninsula
- Existing construction: $137,500
- New construction: $171,000
- Existing construction: $177,125
- New construction: $248,375
- Existing construction: $204,972
- New construction: $268,946
- Existing construction: $199,069
- New construction: $262,406
What Is Condo Insurance?
When you purchase a condominium or townhouse, you will typically pay dues to a condo association, which will go partially toward a master policy that covers the physical structure of your building as well as the common areas. However, these master policies do not provide coverage for damages that occur inside the walls of your home. For that, you will need to have a specialized form of homeowners insurance called H-06 insurance or, more commonly, condo insurance.
Condo insurance policies are designed specifically to meet the unique coverage needs of condominium and townhome owners. It provides walls-in coverage for your personal belongings and can protect from certain liability charges as well.
Condo Insurance Covers Personal Property in Alaska
Before you purchase your condominium, be sure to read the by-laws and trust agreements as enforced by the condo administration. In most cases, condo owners are responsible for covering everything within their units, including permanent fixtures, interior walls and ceilings, plumbing and windows, but sometimes, some of these things are included with the master policy. Being aware of what is and is not covered by your master policy can help you ensure that your condo insurance policy is appropriate for your particular situation.
Your condominium insurance policy is designed to protect you from the financial burdens associated with replacing lost or damaged items when the damage is caused by covered events such as fire, certain weather events and theft. You will want to be sure to purchase enough contents coverage to adequately cover all your personal property. Some policies impose limits on how much coverage can be included under certain categories such as electronics, furniture and jewelry. If the value of your property greatly exceeds these limits, you may need to purchase additional riders (or endorsements) in order to realize full coverage.
Alaska Property Crime Statistics
According to Neighborhood Scout:
- The per capita property crime rate in AK is significantly lower than the U.S. average.
- On average, 4.03 out of 1,000 AK residents are victims of burglary each year.
- By comparison, 6.70 out of 1,000 U.S. residents are victims of burglary each year.
- There are nearly 3,000 reported burglaries in this state each year.
One of the many things that condo insurance shields you from are losses caused by property crimes. Fortunately for residents of Alaska, the incidence of theft and other property crime is lower than the national average. This reduced risk will be reflected in your condo insurance rates when you request quotes. Of course, those who live in higher crime areas such as Anchorage will likely pay more for their coverage.
Condos are usually pretty secure, as most are within gated communities or feature secure entry systems. However, any time you have a lot of people living in close proximity, burglars will find a way to get in.
If you experience a burglary in your condo or townhome, you should first ensure that you and your family are safe and then call the police to file a report. You will need a copy of this report when you contact your insurance company or agent with an inventory of your lost or damaged property. Burglaries can be stressful, but knowing that your insurance company is there to compensate you for your losses can provide a measure of relief.
Condo Insurance Protects You from Liability Expenses
Accidents are sometimes unavoidable, even for the most careful people. Unfortunately, if a visitor is seriously injured while in your home and it can be shown that the injury was due to negligence on your part, you might find yourself responsible for hefty medical bills, lost wages and sometimes even punitive damages.
You may also find yourself held liable for injuries or property damage to third parties that are caused by your children or pets. Your condo insurance may provide coverage for these damages. Additionally, your policy may be able to protect you from financial losses resulting from charges of libel or slander. Your insurance can also cover associated court costs and legal defense fees, up to your coverage limit.
Compare Quotes for Policies that Can Cover Your Alaska Condo
When comparison-shopping for the right condo insurance policy, an insurance agent in the Trusted Choice® network may be of assistance. These independent agents can help you review your master policy to ensure that the condo policy you select is right for you. They can also use their relationships with a number of different insurance providers to present you with several competitively-priced policies from which to choose.
Find an agent with an office near your Alaska home to start comparing condo insurance policies and quotes.