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.
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:
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.
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.
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:
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.
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.
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:
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.