Condominium owners in Indiana enjoy many perks of cooperative living, including hassle-free grounds keeping and common area maintenance, particularly in larger cities such as Indianapolis and Bloomington. Condo associations have master insurance policies that cover the physical structure of your building and the common areas, but do not provide coverage inside your home. Indiana condominium insurance is designed specifically for a condo-owners’ unique situation.
With its more than 22,000 independent member agencies nationwide, an independent agent in the Trusted Choice® network is right in your neighborhood, ready to help. Our agents have taken a pledge to provide individualized service ethically and honestly. Contact an agent in your area today for more information and to receive a variety of free personalized Indiana condominium insurance quotes.
When you purchase your condominium, be sure to read the by-laws and trust agreements of the condo administration. In most cases, condo owners are responsible for everything within their unit, including permanent fixtures and home improvements. Investing in a condominium insurance policy, also known as H0-6 insurance, can protect you from the financial burden of replacing items lost in fires, severe weather, or theft.
Because residents of condos live in close proximity to one another, fires are a concern. If a neighbor accidently starts a fire by leaving a stove unattended, it can cause extensive damage to surrounding units. In the event of a fire, your personal belongings, even if not burned, may be damaged by smoke or water, particularly if your unit is equipped with an automatic sprinkler system.
Weather can cause damage to your property. Water seepage can cause significant damage to your walls, flooring and property. Oftentimes, the interior walls of your unit are not included in the condominium association’s master policy.
Theft and vandalism can result in property loss and damage, as well. Most complexes are secured with high-tech entry management equipment, gates and fences, but these are not always enough to keep intruders away. Being the victim of a robbery or malicious property damage is stressful; knowing that your Indiana condo insurance policy will cover replacement costs can provide some comfort.
A Trusted Choice member agent can help you determine your personal property coverage needs. Sometimes add-ons such as additional coverage for valuable items or full replacement costs coverage might be the most wise decision for your needs and budget. To understand your coverage needs and avoid any costly gaps, create an inventory of your items to review with your agent. Be sure to include a photograph if you can, and any receipts you have to document the value of items in your condo.
Accidents happen, even to the most careful people. If a visitor slips and falls or is otherwise injured in the common area, the condo’s master insurance plan will cover the liability costs. However, if a guest is hurt while in your unit, you may find yourself held liable for their medical costs.
Medical costs can be quite high for things like hospital stays, therapy, or rehabilitation. Condominium insurance policies provide liability coverage to protect your finances if you are responsible for someone’s injuries. Liability insurance also covers legal fees and court costs associated with your claim.
When shopping for condo insurance, it is important that you are familiar with the bylaws of your condominium’s master insurance policy so that you are neither underinsured nor paying for coverage that you do not need. An independent agent in the Trusted Choice network can review your master policy and ensure that the Indiana condo insurance policy you purchase is right for you.
Each member of the Trusted Choice network has taken a pledge to provide exceptional customer service and honest, ethical advice to customers. You can rest assured that member agents have your best interests at heart, and that you are receiving the best possible information to make an informed decision before you make a purchase. Call an agent in your area today to receive a variety of competitively priced Indiana condo insurance quotes designed specifically for you.