Condo living in Washington can be a perfect solution for many residents of the Evergreen State. And condo insurance can give you the protection you need to enjoy your condo and this beautiful state. Condos provide ample personal space, along with maintenance, without the close quarters inherent to apartments. For retirees, young professionals and empty nesters, condos can be a wonderful housing option. Read below for more information regarding getting condo insurance quotes and getting this important coverage.
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Washington Rental Statistics
- In WA, the average rent is $1,006.
- In 2012, 5.3% of rentals in Washington were vacant.
- In 2012, 19.88% of median household income went toward the median monthly gross rent.
- 37.67% of residents were renters.
While living in Washington may be expensive, the crime rate is lower than average. Renters face a 50 percent higher risk of being the victim of a crime. One very crucial way to protect yourself from the effects of a crime or disaster is to have condo insurance in place.
What Does Condo Insurance Cover in WA?
Condo insurance affords you protection from some of the most common disasters and occurrences that can affect renters in WA. A typical condo insurance policy in Washington may contain the following coverage options:
- Liability coverage for bodily injury and property damage: Unfortunately, if someone sustains injuries while in your condo, you may be liable for damages and medical bills. This liability coverage can help cover those costs, along with judgments and legal fees, up to the limit of your policy.
- Personal property: Unfortunately, property crimes do happen. Whether you are the victim of a theft, arson or weather-related event, this coverage can help get you the funds needed to replace your belongings. Renters typically have at least $20,000 worth of personal assets, so having coverage on these items is important.
- Vacant condo coverage: Vacant condo coverage is an insurance policy geared toward offering coverage for those who use their condo as an occasional getaway or vacation home. This coverage is usually very affordable and can help cover any damage to your condo while it's vacant.
There are other types of coverage available, so it's important to speak with an agent in order to get the best coverage for your individual situation.
Owning Versus Renting: Is Condo Insurance Required in Washington?
If you rent your condominium, your lending institution may not require insurance. Typically, the landlord's insurance policy covers what's termed as "to the studs." In other words, the landlord's policy covers the structure to the interior studs. The policy will not cover any furnishings, appliances, belongings or improvements you make to the condo.
If you own your condo, your lending institution will most likely require you to carry insurance to cover their investment and yours. Since the condo belongs to you, there will not be a landlord policy in place. Your insurance, sometimes called an HO-6 policy, can cover any improvements you make, offer liability coverage and cover fire, storm, frozen plumbing, vandalism and broken glass.
How Much Does a Condo Insurance Policy Cost in WA?
Condo insurance policy quotes will vary greatly depending on your location and individual risk. On average, a renters insurance policy costs $185 per year. When you're looking online for condo insurance quotes in WA, make sure you are familiar with the following:
- Location of condo
- Number of occupants
- Whether pets will be in condo
- Whether there is a pool/fitness center
- Value of belongings
- Coverages desired
- Deductible desired
Insurance providers will use the above factors, plus many others, in order to give you quotes for a condo insurance policy that will adequately cover you and your belongings.
Are There Discounts Available on Condo Insurance in WA?
Just as they can with many other insurance policies, insurers can apply discounts to condo insurance policies in Washington. When shopping online for condo insurance quotes, be sure to ask about discounts, including the following:
- Multi-policy discounts
- Paid-in-full discount
- Good credit discount
- Good driver discount
Each insurance company offers its customers different discounts, so be sure to inquire about any discount you may be eligible for.
Obtaining Condo Insurance Is Simple
When you decide to protect yourself and your assets with condo insurance, it's crucial to have a professional insurance agent by your side guiding you to the best coverage for your unique situation. A Trusted Choice® agent can always assist you by finding coverage, suggesting policy modifications, finding discounts and even helping you file a claim.
For professional help with your quotes and coverage selection, contact a Trusted Choice agent in your neighborhood.