Condos and townhouses provide an affordable housing alternative to traditional homes. And you can protect your condo or townhouse with inexpensive condo insurance. Montana’s cooperative-living housing units are generally located close to shopping, dining and entertainment outlets. These units offer residents many benefits such as hassle-free maintenance of common areas and shared amenities such as swimming pools, clubhouses and fitness centers. Whether you own a condo near downtown Billings or near the spectacular Big Sky, you can compare condominium insurance quotes to find a policy that is both comprehensive and affordable.
Mean Price of a Condo or Townhouse in Major MT Cities, 2011
- Billings: $172,276
- Missoula: $251,773
- Great Falls: $181,076
- Bozeman: $213,410
- Butte: $181.895
- Helena: $195,946
What Is Condo Insurance?
Condo insurance, also referred to as H06 insurance, is a specialized form of homeowners coverage. It meets the unique needs of those who live in cooperative housing such as condominiums and townhouses. This insurance covers your personal property as well as the walls, floors and ceilings of your unit against all perils listed in the policy.
When you own a condo or townhouse in Montana, you pay dues to a condo association. This association maintains a master policy that covers the physical structure of your building as well as all of the common areas. However, these policies do not provide coverage for damage that occurs within your home, even if it is the direct result of damage to the building’s structure. For walls-in coverage, you will need to have condo insurance.
Condo Insurance Covers You Against Liability Claims
Like a traditional homeowners insurance policy, condo insurance covers many types of liability claims. This coverage can save you thousands of dollars if you find yourself facing a lawsuit. Some types of situations in which you may need to file an insurance claim include the following:
- You are responsible for a third-party injury that takes place inside your home.
- You cause an injury or property damage to a third party while you are engaged in certain activities such as hunting or skiing.
- Your pet injures someone or damages another person’s property.
- Your children injure someone or damage another person’s property.
- You commit libel or slander.
In addition to compensating injured third parties, your liability coverage can also cover any associated court costs and legal fees you accrue in your defense, up to your purchased coverage limit.
Condo Insurance Covers Your Personal Property
Condominium insurance can shield you from the financial burdens associated with replacing property that is lost or damaged due to a catastrophic event such as fire, severe weather or property crime. Be certain that you have purchased enough coverage to fully cover all of your personal property, including clothing, jewelry, cookware, furniture, carpeting and appliances. That way, if you happen to suffer a total loss because of a major disaster, you will have compensation in an amount suitable to purchase replacement property.
Policies frequently have limits on how much coverage you can include under certain categories such as jewelry, art and electronics. Therefore, if you own any valuable items that can cause you to exceed these category limits, you may need to purchase additional riders to achieve full coverage.
MT Property Crime Statistics from Neighborhood Scout, 2013
- The per capita property crime rate in MT is much lower than the national average.
- On average, burglars strike 3.87 out of 1,000 residences in this state each year.
- By comparison, burglars strike 6.70 out of 1,000 residences nationally each year.
- There were approximately 4,000 reported burglaries in this state in 2013.
- The safest cities in Montana are Jordan, Opheim, Winnett, Bearcreek and Joliet.
- The MT city with the highest property crime rate is Billings, with about 7.46 burglaries per 1,000 residences; this is only slightly higher than the national average.
Condo Insurance Covers Most Property Crimes
Most condominium and townhome complexes feature gates or other types of secure entry systems. Residents, therefore, have a measure of security against burglary and other property crimes. However, whenever you have people living in close proximity to each other, criminals can find a way in. Because of their decreased susceptibility to property crime, condo owners in safer areas such as Bozeman and Jordan will likely pay lower insurance rates than those who own condos in areas such as Billings.
In the unhappy event that your condo or townhome is burglarized or vandalized, you should ensure that you and your loved ones are safe and then call the police to file a report, as you will need it when you file an insurance claim. Next, contact your insurance agent or call the insurance company directly to inform them of your losses. They will send out an insurance adjuster to meet with you to determine how much compensation you are due. Being the victim of a burglary can be traumatic, but knowing that your insurance company is there to back you up can provide you with some relief.
Learn More About Getting Condo Insurance Quotes in Montana
When you are shopping for the right condo insurance policy in Montana, an independent agent in the Trusted Choice® network may be able to provide assistance. These agents can provide you with several competitively priced policy quotes from which to choose. These agents can also help you review your condo association’s master policy to ensure that the policy you are purchasing provides all the coverage you need without providing coverage you don’t need.
Contact a Trusted Choice agent with an office near you so you can start comparing condo insurance quotes in Montana.