Whether your condo is located in Wichita, Overland Park, or Kansas City, the Sunflower State has many great urban centers with condominium communities from the cozy to the luxurious. Finding the perfect condo may be easier than finding the right condo insurance policy to protect your investment.
Before you search for condo insurance quotes, however, there are several factors to consider.
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Why Kansans Choose Condos
It's true that most homeowners in Kansas live in single family dwellings. However, with condo prices in and around its urban centers staying remarkably below market values, condos provide affordable living, along with other favorable factors. According to surveys, people choose condos because:
- Security: Most condo communities feature gated or locked entries, security alarms, and even security officers to keep their residents safe.
- Amenities: Some of the nicest condo associations offer indoor or outdoor pools and fitness centers, the use of which is included in association fees.
- Maintenance: Never worry about replacing the exterior paint or trimming the grass again.
- Location: Some of the best condos are located in downtown urban areas, close to educational, medical and shopping centers.
How Is Condo Insurance Different From Homeowners Insurance?
Unlike traditional homeowners, as a condo owner you are not responsible for some parts of your home. Your condo association’s master policy, or HOA policy, is responsible for your condo building, grounds and other external areas. Thus, you are only responsible for finding insurance for your personal possessions, appliances, and sometimes installed fixtures and other attached features in the unit.
For these reasons, Kansas insurance providers offer condo insurance that is unique to those needs and the division of responsibility.
If you rent your Kansas condo, you are still responsible for its contents as well. While your landlord may have an insurance policy similar to that of an HOA, you would do well to consider renters insurance to cover your belongings.
Why is Condo Insurance Important?
While your condo association's master policy, or HOA policy, does protect you from being homeless following a severe fire or weather event, it does not protect your finances and your personal property from damage, theft or vandalism. If a storm destroys your stove, furnace or washing machine, you would be responsible for their repairs or replacement.
The HOA also fails to protect you from a lawsuit should a guest or delivery person injure themselves while inside your condo. Only a condo insurance policy can pay your legal fees and court costs should you find yourself facing a liability lawsuit in Kansas courts.
What Does Condo Insurance Cover?
A typical condo insurance policy covers what the condo association’s master policy does not. A condo association master policy can be of two types:
- An “all-in” policy: This type of policy usually covers the fixtures in your condo, such as the appliances, wiring, plumbing, and flooring, but does not cover personal property that you own.
- A “bare walls-in” policy: This policy does not cover anything inside your condo, but only those external features and amenities.
It's important to carefully review your condo association's master policy to find out how much coverage you should include in your condo insurance.
What are My Condo Insurance Coverage Options?
Once you have determined the type of master policy your condo community has, you should conduct an inventory on all of your personal belongings.
Make a list of your jewelry, artwork, electronics, furniture, books, and even clothing, and assign a dollar amount to them. The total value of your personal property should give you an idea of how much contents coverage you should buy.
Most Kansas insurance providers will give you a choice between two common types of contents coverage: actual cash value and replacement cost. The differences between the two significantly impact the type of compensation you will receive should you need to file a claim on your condo insurance.
- Actual cash value compensation takes depreciation into account. If your 10-year-old dishwasher is destroyed by fire or burglary, your insurance company will reimburse you for the cost it takes to buy a 10-year-old dishwasher.
- Replacement cost compensation ignores depreciation. Your insurance company would reimburse you for the cost it would take to replace your old dishwasher with a brand new one with comparable features.
What Will My Condo Insurance Quote Look Like?
Many people are glad to know that condo insurance is typically less expensive than homeowners insurance. That's because many of the large ticket items, such as the building itself, are covered by the master policy.
The quotes you will review from Kansas insurance providers will depend on several factors. Most insurance companies take the following into consideration when they calculate your quote:
- The value of your condo
- Where you live (areas in high-crime neighborhoods will have higher quotes than those in more secure locations)
- The amount of contents coverage you need
- The reimbursement method you choose (actual cash value policies will have lower quotes than those including replacement cost)
- The deductible you pick (a higher deductible will mean a lower quote, but be sure to choose a deductible you could comfortably afford should you need to file a claim)
Where Can I Find Condo Insurance?
Like any homeowner, your condo is your castle and you want to protect the valuable things you keep inside. Only a comprehensive condo insurance policy can give you that peace of mind. Knowledgeable independent insurance agents on the Trusted Choice network are always here to help answer any questions you may have, suggest coverage options for your condo, and even assist you in filing a claim. They have years of experience working with Kansas insurance companies, enabling them to find you only the best coverage at the most affordable rates. Contact a Trusted Choice member agent near you to start reviewing quotes on the perfect condo insurance policy that meets your needs and budget.