Many Minnesota cities are becoming increasingly urban, and city dwellers are enjoying the convenience of renting or buying condominiums close to the growing centers of business and commerce. Minnesota condo insurance helps you cover your risks like a homeowners policy does. The difference with a condo is that you don’t need to insure the external portion of your residence. It is important to understand your coverage so you can protect your valuable investment.
A great way to get the help you need to review Minnesota condo insurance coverage and find the right policy for you is to work with an independent agent. Captive agents are tied to one specific insurer, but an independent agent in the Trusted Choice® network has access to many. One of these agents, right in your area, can provide Minnesota condo insurance quotes from several different companies and help you find the right solution. Find a local member agent to get started comparing quotes today.
- Median condo values rose by $93,000 between 2000 and 2009
- In 2009 the mean value for Minnesota townhouses was $251,138
- Association fees generally run $150 to $400 monthly for maintenance and insurance
What Does a Condo Association Fee Cover?
Condos are typically managed by a home owners association (or HOA) which takes care of the grounds, external portions of the buildings and all common areas, and ensures that residents are in compliance with association by-laws.
The HOA also handles the property’s hazard insurance, which is typically paid through the association fees. Your fees will help to cover those costs as well as other property management expenses such as snow and lawn care, water, sewer and garbage collection. You are responsible for covering the inside of your home as well as your personal property and personal liability.
What Does Minnesota Condominium Insurance Cover?
Every condo is different, so your coverage needs to be unique to you. Some of the factors that will affect the type and amount of insurance you need include the value of your condo, what your home owners association covers and whether you have personal items of particular value you want to insure. Your policy may include the following:
- Personal property insurance: Your policy should cover the inside of your structure and your personal possessions.
- Liability insurance: The typical policy will also provide liability insurance in the event that a visitor is injured within your condo unit.
- Loss of use: Many condominium owners add relocation assistance in case they have to move out while the unit is being repaired or rebuilt.
Minnesota Condo Insurance Discounts
The first step in finding discounts is to work with a local Trusted Choice independent agent who can look for various available cost savings for you from several different insurance companies. A few additional tips to help you find lower Minnesota condo insurance quotes include:
- Combine policies: Many top insurers will offer you a discount if you buy multiple policies together, such as your condo and auto insurance.
- Reduce risk: Installing burglar and fire alarms can reduce your risks and earn insurance discounts.
- Remain claim-free: Many insurers will offer you their best prices if you have never filed a claim, or have been claim free for a number of years.
- Pay annually: If you pay once per year, versus monthly, it makes it cheaper for the insurer to do business, and you may benefit from those savings.
Condo Insurance for Rentals
If you rent a condo, your landlord will typically take care of insuring the external structure, large appliances and sometimes the interior walls and fixtures. To cover your personal belongings, you will need renters insurance. Here are a few things to know:
- The average price of renters insurance is less than $200 a year.
- Your condo rental insurance will cover your personal possessions against damage or theft.
- It will also provide liability insurance in case you are at fault for another person’s injuries or damages.
- Optionally, it can cover relocation assistance to help you move or find temporary lodging if you need to move out during repairs.
Compare Minnesota Condo Insurance Quotes
Your local independent agent in the Trusted Choice network can supply you with the information you need to find the right type of coverage for your specific condo. One of these agents can help you estimate your coverage needs and compare rates from multiple insurance companies.
Your agent can also look for discounts from various insurers to help you find the best value. Contact a local member agent for Minnesota condo insurance information today.