Condominiums and townhomes are economical alternatives to traditional single-family homes. A person living in a condo can be part of a community of like-minded neighbors. Condos are perfect for “empty nesters” as well as young couples who are just starting out, and they do not require the same heavy maintenance that traditional homes do. When storms and other disasters damage a condominium complex, residents need worry only about their personal belongings.
Owners of condominiums and townhomes need to protect their investments by securing suitable Louisiana condo insurance, also referred to as HO-6 insurance. You will want to make sure that you find an affordable policy that provides you with sufficient coverage for all of your property.
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Reasons to Own a Condo in Louisiana
- Location: LA condos are generally found in high-density urban areas or are located close to shopping, entertainment, and restaurants.
- Security: Neighbors are close by to watch your place while you are away, and most complexes are gated or have other security systems in place.
- Maintenance: You only need to tend to the space inside your unit, not a yard or sidewalk. All shared areas are maintained by the condo association.
- Amenities: Condo communities frequently include several amenities such as swimming pools and gyms.
- Condo association: Made up of owners, this group enforces rules, handles fees and budgets, and manages maintenance of the grounds.
What Does Louisiana Condo Insurance Cover?
As a condominium owner, you are responsible for covering everything within your unit. Your condo association, to which you will pay dues, will handle covering the structure of your building and all common areas, indoors and out. Your Louisiana condo insurance will provide you with:
- Contents coverage: This includes coverage for all of your personal belongings including appliances, light fixtures, and flooring. You will need to be sure to have coverage sufficient to allow you to replace everything you own if it were to suffer a total loss in a disaster such as a fire.
- Liability coverage: This will provide you with compensation if you are responsible for personal injury or property damage to another in a non-vehicle-related accident. It will also provide coverage if you are sued for libel or slander.
- Loss of use coverage: If a covered disaster leaves your condo uninhabitable, your Louisiana condo insurance policy will cover the expenses you incur while obtaining temporary housing.
Before you start comparing Louisiana condo insurance quotes, it is important to check the details of your condo association's master policy to clarify exactly how much is covered by that insurance plan. Some master policies may cover only the exterior walls of your unit, while others may extend into the interior walls, meaning that your water line, sewage and electric lines may be covered.
It is also important to know that Louisiana condo insurance does not provide coverage against flood damage. If you have a ground-floor condo or feel that you are at risk for this type of damage, you will need to supplement your coverage by purchasing a Louisiana flood insurance policy.
How Much Does Louisiana Condo Insurance Cost?
Because insurance policies for condos and townhomes need only cover damages to the interior of a unit, Louisiana condo insurance is much less expensive than traditional homeowners insurance. You may find varying rates according to where you live within the state. Residents in New Orleans, for example, have a higher risk for storm damage than do those who live in Monroe or Lake Charles so their policies may be a bit more expensive.
For the most part, however, rates are determined by the amount of coverage purchased and the crime rate in your particular ZIP code. To get an accurate rate quote, first, take a full inventory of the contents of your condo and estimate their full value. That way, you will have an idea of how much coverage you wish to purchase.
Find the Right Louisiana Condo Insurance Policy
If you would like to compare a variety of competitively-priced Louisiana condo insurance quotes, find an agent near you. These independent agents can work with several different top-rated insurance companies to find you a policy that fits your needs and your budget. There is no need to do all the legwork yourself. Keep your life as low-maintenance as your condo by letting an independent agent work for you.
Contact a local member agent now and start comparing Louisiana condo insurance quotes today.