Many of Michigan’s residents are enjoying the benefits of condominium and cooperative living. Condominium owners can take advantage of shared amenities such as swimming pools, tennis courts and fitness centers while avoiding the hassles of maintaining a yard. If you have recently joined the ranks of condo owners in the Wolverine State or if you are considering doing so, you will want to be sure to review coverage options and rates from several different Michigan condominium insurance providers.
When you are shopping for condo insurance, an independent insurance agent in the Trusted Choice® network can help you with all of your needs and questions. These agents have signed a pledge to provide excellent customer service and ethical advice to the people in their communities. Contact a member agent in your neighborhood today to get more information and start comparing a variety of Michigan condo insurance quotes.
Price Range of Condos Available in Michigan’s Largest Cities
- Detroit: $5,500 to $1,200,000
- Grand Rapids: $14,000 to $595,000
- Warren: $9,600 to $305,980
- Sterling Heights: $16,150 to $442,000
- Lansing: $7,700 to $449,000
- Ann Arbor: $44,900 to $389,000
- Flint: $14,900 to $425,000
- Dearborn: $19,500 to $409,900
Condominiums in this state can vary significantly in size, price and amenities, so it is usually easy to find one that fits your housing requirements as well as your budget. Be sure to protect your condo or townhome with a suitable Michigan condo insurance policy.
What Is Michigan Condo Insurance?
A condo insurance policy, sometimes referred to as an HO-6 policy, is a type of homeowners insurance that is specifically tailored to meet the unique coverage needs of condominium owners. These policies provide you with coverage against liability as well as loss or damage to your personal belongings in the form of contents coverage.
When you own a condominium or townhome, you pay dues to a condo association. This money goes toward maintaining shared living spaces and on-site facilities like gyms and swimming pools. It also goes toward a master insurance policy. This policy provides coverage for the structure of your building and all common areas.
You are responsible for covering everything within your unit – often including interior walls, ceilings and floors – with your own Michigan condo insurance policy. Some master policies will provide coverage for damages to your windows, but most will not, so be sure that you are familiar with the terms of the master policy before you shop for HO-6 insurance.
How Does Condo Insurance Differ from Home or Renters Insurance?
A traditional homeowners insurance policy provides coverage for both the building and the contents as well as liability insurance, whereas a renters insurance policy provides coverage for contents and liability, but not the external building.
Condo insurance provides coverage that slightly exceeds that of a typical renters insurance policy and the price is only marginally higher. First-time condo owners are usually surprised to discover that policies cost only around $35 a month.
Michigan Condo Insurance Shields You from Liability
Accidents sometimes happen, even to the most careful people. If an accident in your home causes an injury to a guest, you may be held liable and may be responsible for resulting medical costs. Fortunately, most accidents in the home are minor, but if an injury is severe and requires long-term medical treatment, costs can quickly become insurmountable. Your condo insurance policy will provide coverage for these costs as well as your legal defense.
Liability insurance for condo owners is lower than it is for traditional homeowners because the risks are reduced. Any injuries that occur in common areas outside of your unit, such as in hallways, stairwells or walkways, are covered by the condo association’s master insurance plan.
Other instances where you may need your condo insurance policy include if you are sued for libel or slander. You might even find yourself held liable for property damage or injuries caused by your pets or children. Most condo insurance policies will provide liability coverage for these events as well, even if the incident occurs outside your home.
Michigan Condo Insurances Covers Your Personal Property
Condominium insurance can protect you from the financial burdens associated with repairing or replacing personal property that is lost or damaged by inclement weather, fire or property crimes. If you own any particularly expensive items such as antiques or jewelry, you may need to purchase a separate rider, or endorsement, to ensure that your valuables are fully covered.
Michigan’s weather can play a significant role in causing damage to your property. As a condo owner, you are not responsible for covering structural damages to your building; however, if heavy snowfall damages the roof of your building or freezing temperatures cause pipes to burst, this can lead to water damage that you may need to cover.
Additionally, residents of condominiums and townhomes live in close proximity to one another, so the threat of fire damage is a risk worth considering. A residential fire that originates in a neighboring unit can lead to extensive damages to your place. Your condo insurance may provide compensation for any personal property that is damaged by fire, smoke or water up to the limit of your policy.
Michigan Homeowners Need Coverage for Property Crimes
Consider the following statistics:
- 7.25 out of 1,000 Michigan residents were victims of burglary in 2011
- Nationally, 7.02 out of 1,000 U.S. residents were victims of burglary
- There were more than 71,500 reported burglaries in this state that year
- Burglary rates are very high in some cities like Detroit (22.42) and Flint (35.45) but very low in cities such as Ann Arbor (4.69) and Gross Point Shores (0.33)
Property crimes like theft and vandalism can cause property loss and damage. Knowing that your Michigan condo insurance will provide coverage to help you replace damaged or stolen items can take some of the sting out of a property crime.
Compare a Variety of Michigan Condo Insurance Quotes
Before shopping for a condo insurance policy, be sure to familiarize yourself with the bylaws of your condominium’s master insurance policy. That way, you can be certain that your policy includes all the coverage you need and nothing more. An independent agent in the Trusted Choice network can help you review your master policy and can answer any questions you may have about Michigan condo insurance.
Member agents have relationships with several different insurance carriers. They can use these relationships to provide you with a selection of competitively-priced policies that meet your coverage and budgetary needs. Find an independent member agent in your neighborhood today to learn more.