When you’re looking for a home in the “Possibility City,” options are endless. Louisville is the largest city in Kentucky, which means there are boundless opportunities for owning a home. Want to live in a rural setting with a quaint farmhouse? Find it right outside city limits in Jefferson County. Have you dreamed of owning a cottage on a tree-lined suburban street? Louisville has it. Or do you want to be in the midst of the action downtown or near Riverfront Park? In that case, a condominium or townhome may be ideal for you. You can protect your investment with Louisville, KY condo insurance.
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Average Cost of a Louisville Condo
- Estimated value: $120,331
- Townhouses: $128,858
- 2 unit structures: $143,608
- 3-4 unit structures: $155,778
- 5+ unit structures: $132,395
What Is Louisville Condo Insurance?
When you purchase a condominium, you will need to secure a homeowners policy, but there are major differences between a policy made for a detached home and one made for a condo. You will need Homeowners Form 6 insurance, also known as an HO6 policy, which is specifically made for condos. The condominium association's master policy covers the building, lawns, pool, and parking lot, but not the interior of your home, or your property or liability. Your personal condo insurance covers what the master policy leaves out.
What Does Louisville Condo Insurance Cover?
Louisville condo insurance covers the interior of your home and your liability in the home. Covered damages usually include fire, wind, hail, burglary, broken pipes, and vandalism. It can provide coverage for the following:
- Damage to interior walls, flooring, ceilings, fixtures, and plumbing
- Detached buildings, such as a personal garage, which you own in tandem with the condo
- Personal belongings kept in the home
- Liability coverage for injuries and property damage you cause, including court fees and your legal defense, up to your policy limits
As you choose your condo coverage, pay close attention to the master policy, which is the insurance that covers the entire building, versus your personal policy. A copy of the master policy is normally included in your standard housing contracts. Although some policies state that the structure of the unit is covered, things like floor and wall coverings usually don’t count. Even the appliances, windows, lighting fixtures and doors that come with the unit may be not be covered. A local agent can help you decipher the master policy and find a condo policy that eliminates any gaps.
If you rent your condo, you could benefit from the protection of renters insurance, which covers your personal property against loss due to fire, burglary, or storm. Renters insurance also provides liability coverage for bodily injury or property damage claims made by guests or intruders in your rental condo. If you only use your condo once or twice a year as a vacation home, for example, you can save money on your policy by purchasing vacant condo coverage. This insures your condo against damage and crime at a low rate, while it sits vacant most of the year.
What Isn’t Covered?
An HO6 policy typically covers interior flooding from broken pipes or leaks. But it does not cover natural flooding, which occurs due to excess rain, storm surge, or swollen rivers and streams. To protect your home and property from the cost of flood damage, you need a flood insurance policy from the National Flood Insurance Program. Federal aid provided through FEMA after a disaster usually comes in the form of government loans, which must be repaid. With the right flood policy, you can rebuild without going into debt.
Protect Your Personal Property
Most homeowners and renters keep around $20,000 in personal property in the home. That can be a lot to replace if your home is subjected to a burglary or a fire. Your condo policy includes property coverage, but you will need to be sure it is sufficient to cover the value of your belongings. This includes electronics, clothing, appliances, and furniture. It is a good idea to purchase replacement cost coverage, which pays to replace the items at current market price, rather than actual cash value coverage, which only pays the original price minus depreciation. If you have collectible items, valuable musical instruments, or expensive artwork, you may need to purchase special endorsements to cover them.
Shop Louisville Condo Insurance Quotes
Unlike captive insurance agents, independent agents in our network can source multiple agencies, and compare Louisville condo insurance quotes. This ensures you get the right protection at the right price. For reliable, professional help with your condo insurance, contact a local agent today.