Many of Wisconsin’s residents find co-operative living to be an ideal housing alternative. Condominium owners can take advantage of hassle-free maintenance of common areas and shared amenities such as swimming pools, tennis courts and fitness centers. If you have recently joined the ranks of condo owners in the Badger State, or if you are merely considering doing so, you will want to be sure to review the coverage options and rates offered by different Wisconsin condo insurance carriers.
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Price Range of Condominiums in Wisconsin’s Largest Cities
- Milwaukee: $7,500 to $3,495,000
- Madison: $27,000 to $2,200,000
- Green Bay: $44,900 to $550,000
- Kenosha: $49,900 to $495,000
- Racine: $13,500 to $485,000
- Appleton: $44,900 to $375,000
- Waukesha: $49,000 to $399,000
Co-operative living-type homes in this state can vary greatly in size, price and amenities offered so it is easy to find one fits both your budget and your housing requirements. As with any large investment, you will want to protect your condo or townhome with a suitable Wisconsin condo insurance policy.
What Is Wisconsin Condo Insurance?
When you purchase a condominium, you pay dues to the condo association. This money goes toward maintaining and insuring the shared living spaces and on-site amenities.
Your condo association’s master insurance policy provides coverage for the structure of your building, but you will be responsible covering everything within your unit, including interior walls, ceilings and floors. Some master policies will provide coverage for damages to your windows, but most will not.
A condo insurance policy, also known as an H-06 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.
Wisconsin Condo Insurance Shields You from Liability
It is an unfortunate fact of life that accidents sometimes happen, even to the most careful people. If a visitor is injured in a common-area of your complex, such as at the pool or in the hallway outside your unit, your condo association’s master policy will cover any resultant charges.
However, if that same guest sustains injuries while visiting in your home and it can be shown that the injury resulted due to negligence on your part, you may find yourself responsible for medical bills and punitive fees which can often be quite costly. This might occur if someone slips on a wet floor, trips over a loose bit of carpeting, or is cut by a sharp object in your home, to name a few possible cases.
You may also find yourself held liable for injuries caused by your pets or children, whether within our outside of your home, or even accused of slander or libel. Most Wisconsin condo insurance policies will provide coverage for all such instances of liability claims and will also cover any associated court costs and legal fees for your defense.
Wisconsin Condo Insurance Covers Your Personal Property
A comprehensive condominium insurance policy can protect you from the financial burdens associated with repairing or replacing personal property if it is lost or damaged because of problems such as inclement weather, fire or property crimes. If you own any particularly expensive items such as jewelry, artwork or antiques, you may need to purchase a separate rider, or endorsement, to ensure that they are fully covered.
Wisconsin’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 freezing temperatures cause pipes to burst or heavy snowfall damages the roof of your building and leads to water damage in your home, you will need to cover this damage.
Wisconsin Harsh Weather Statistics
- Couderay, WI recorded temperatures of -55 degrees Fahrenheit in 1996
- Southern Wisconsin averages about 40 inches of snowfall each year
- Parts of Wisconsin in the Lake Superior snow-belt can experience up to 160 inches of snow a year
Residents of condominiums and townhomes live in close proximity to one another, so the possibility of fire-damage is a threat worth considering. A fire that originates in a neighboring unit can cause extensive damage to your own. Your property, even if not burned, may be damaged by smoke or water, particularly if your unit is equipped with an automatic sprinkler system.
Wisconsin Burglary Statistics from Neighborhood Scout
- 4.67 out of every 1,000 Wisconsin households are victims of burglary each year
- Nationally, 7.02 out of 1,000 U.S. households are victims of burglary each year
- There are more than 26,000 reported burglaries in this state each year
Property crimes such as vandalism and arson can also result in property loss and damage. Most condominium and townhouse complexes are gated or have high-tech entry management equipment, but these security measures are not always enough to keep criminals away. Knowing that your Wisconsin condo insurance will provide coverage to help you replace stolen items and repair damaged property can make dealing with the aftermath of a property crime a bit less traumatic.
Find Your Ideal Wisconsin Condo Insurance Policy
Before shopping for a condo insurance policy, be sure that you are familiar with the bylaws of your condominium’s master insurance policy. That way, you can be certain that the policy you choose offers all the coverage you need and that you are not paying for coverage that you already have. An independent agent in the Trusted Choice® network may be able to help you review your master policy and can answer any insurance-related questions you might have.
Local Trusted Choice agents have relationships with several different insurance carriers and can use these relationships to provide you with a variety of competitively-priced policies that meet your coverage and budgetary needs. Contact an independent agent in your neighborhood today to start comparing Wisconsin condo insurance quotes.