Many condos can be found in beautiful downtown Indianapolis. At any given time, there are approximately 150 condos on the market in the city and they range in price from the low $100,000’s to a million dollars. Those that own a condo in the city get more than just the convenience of hassle-free grounds keeping and common area maintenance, they also have the advantage of being within walking distance of just about everything they need. Condos are a great investment; protect yours with a first-rate Indianapolis, IN condo insurance policy.
With more than 22,000 independent member agencies nationwide, the Trusted Choice® network of insurance agents can help you. Member agents have taken a pledge to provide their customers with excellent individualized service and ethical advice. Independent agents in the Trusted Choice network have relationships with several different insurance carriers so they can easily find a variety of competitively-priced policies from which to choose. Contact a member agent today to receive obligation-free Indianapolis condo insurance quotes.
When you purchase a condominium or townhome, be sure to read the bylaws and trust agreements sanctioned by the condo administration. As a condo owner, you will likely be responsible for insuring everything within your unit. This includes interior walls and ceilings, permanent fixtures and any home improvements you made such as carpet installation, updated appliances and wall treatments. The structure of the building itself, as well as all common-areas, will be covered by the condo association’s master insurance plan.
Indianapolis condominium insurance, also known as H-06 insurance, is a type of homeowners insurance designed specifically to meet the unique needs of condo owners. If you should experience property loss or damage due to fire, theft or weather, a condo insurance policy can protect you from the financial burdens associated with replacing or repairing your property. These policies also provide coverage for liability.
Condo insurance is typically less expensive than traditional homeowners insurance because it does not need to provide coverage for the structure of your building. You also have decreased liability risks since injuries sustained by guest outside the boundaries of your unit will be covered by the condo association’s master plan.
Accidental fires can cause a great deal of property damage. Cooking fires and carelessness with candles and cigarettes are some of the leading causes of residential fires. Even if you are extremely careful, you may have property damage from a fire in a neighboring unit. If their insurance coverage is insufficient to cover your losses, your condo insurance may cover the costs.
Inclement weather such as severe thunderstorms, tornados and hail can play a role in causing property damage. While most of the damage will be to the building’s structure, and not your responsibility, if it leads to water damage to your interior walls or to the destruction of your personal belongings, you will need to rely on your Indianapolis condo insurance for coverage.
Theft and vandalism are the most common causes of property loss and damage in Indianapolis. Most condominium complexes are secured by high-tech entry-management equipment, gates and fences, but these are not always sufficient at keeping intruders at bay. It is very stressful to be the victim of a robbery or malicious property damage, but you may be able to take comfort in knowing that your policy will help you replace your lost items.
Accidents happen, and if they result in extensive injuries, they can be very expensive. If a visitor to your home is injured and you are deemed liable, you can face expensive medical bills and punitive fees. Injuries can be the result of a slip and fall on a wet surface, a fall caused by tripping over loose carpeting or even injuries or damage caused by your children or pets.
Your condo insurance policy will protect you from the financial devastation that a liability lawsuit can bring. Your liability insurance will provide coverage for accidents that occur inside your home, and may also cover accidents that happen off your property. It will also cover court costs and legal fees associated with any covered events.
When you are shopping for condo insurance, be sure to first familiarize yourself with the bylaws of your condominium’s master insurance policy. That way, you can be sure that you are neither underinsured nor paying for unnecessary coverage. An independent agent in the Trusted Choice network may be able to help you review your master policy and can ensure that the policy you purchase is suitable to meet your coverage and budgetary needs.
It is easy to find a Trusted Choice member agent in your ZIP code. Member agents can help you comparison shop for the right condo insurance policy. Your local agent may even be able to find ways to help you save money on your other insurance policies. Call today to receive several competitively-priced Indianapolis condo insurance quotes designed specifically for you.