Milwaukee has experienced a boom in condo development over the past fifteen years. As a result, those looking for a home that offers the benefits of co-operative living in this city find their options are plentiful and diverse. Many of the condos located downtown offer lovely views of the city or of Lake Michigan and many in the suburbs are conveniently located within walking distance of stores, restaurants and entertainment.Condos are a great investment; protect yours with a first-rate Milwaukee, WI condo insurance policy.
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Average Asking Price of Milwaukee Condominiums, 2013
- All condos: $245,349
- Studio condos: $145,471
- One bedroom: $155,534
- Two bedrooms: $237,336
- Three bedrooms: $380,825
- Four bedrooms: $648,277
One of the many perks of co-operative living is that the structure of your building and all common areas are covered by your condo association’s master policy. You are only responsible for insuring that which is located within your unit. This includes all interior walls, floors and ceilings as well as appliances, permanent fixtures and any home improvements you may have made.
What Is Milwaukee Condo Insurance?
Condominium insurance, also known as H-06 insurance, is a specific type of homeowners insurance designed to meet the unique needs of condo owners. If you experience property loss or damage due to causes such as fire, theft or inclement weather, your condo insurance policy can provide you with compensation for your losses. These policies also provide coverage against liability claims.
Condo insurance is typically much less expensive than a traditional homeowners insurance policy because it does not need to provide coverage for the structure of your building. You also have a decreased risk of liability for injuries because any accidents that occur outside the boundaries of your unit, such as in the stairwell, walkway or pool, will be covered by the condo association’s master plan.
Milwaukee Condo Insurance Covers Your Personal Property
If you add up the value of all the property in your home, including clothing, furniture, cookware and jewelry, you may be surprised by how much your belongings are worth. Your condo insurance policy offers contents coverage so that if you were to lose everything in a disaster, you would receive compensation to help you replace it. You can elect to cover your items for their actual value or their replacement value.
Residential fires can cause a great deal of property damage. They are most often started while cooking or because of carelessness with candles or cigarettes. Because condos are situated in close proximity to one another, you may experience property damage due to a fire in a neighboring unit. If your neighbor’s insurance coverage is insufficient to cover your losses, your condo insurance may make up the difference.
Milwaukee Damaging Weather Facts
- The coldest temperature recorded in this city was -26 degrees Fahrenheit in 1982 and again in 1996
- The city gets an average of 46.9 inches of snow each year
- Milwaukee had a record 96 inches of snow in the winter of 2007-08
- Between 1982 and 2012, Milwaukee experienced 89 hail storms
Inclement weather such as hail, heavy snows and unusually cold temperatures can play a role in causing property damage. While most weather damage will be to the building’s structure, and therefore not your responsibility, the damages can affect your property as well.
If heavy snow or hail damages the roof and that leads to a water leak in your condo, you will need to repair those damages. Likewise, if freezing temperatures cause a pipe to burst in your home, you will need your condo insurance to cover the cost of the resulting damages.
Milwaukee Property Crime Statistics
- In 2011, there were 6,669 reported burglaries
- This equates to a staggering 11.2 burglaries per 1,000 residents.
- This more than 50% higher than the national average of 7.02
- Milwaukee residents face a 1 in 20 chance of being a victim of property crime
- By comparison, Wisconsin residents face a 1 in 41 chance and US residents face a 1 in 29 chance of experiencing property crime
The burglary rate in Milwaukee is high. Fortunately, most condominium complexes are protected by gates and high-tech entry-management equipment. These security measures, however, are not foolproof when it comes to deterring burglars. It is very stressful to be the victim of a property crime but knowing that your policy will help you replace your lost items may make the ordeal a little easier.
Milwaukee Condo Insurance Provides Liability Protection
Accidents can sometimes happen in your home and if they result in extensive injuries, they can prove to be very expensive. If a visitor to your home is injured and you are considered liable due to negligence, you may be required to pay the resultant medical bills, lost wages and even punitive fees. Injuries can occur if someone slips and falls on a wet surface, trips over loose carpeting, or is cut by a sharp exposed surface.
Most policies will also cover you against libel and slander as well as injuries or damages caused by your children or pets, even if the instance occurs outside the boundaries of your property. If a covered event leads you to be sued, you can expect your condo insurance to provide compensation for your court costs and legal fees as well.
Find the Milwaukee Condo Insurance Policy that Is Right for You
When you are shopping for a condo insurance policy, be sure to familiarize yourself with the bylaws of your condominium association’s master insurance policy first. That way, you can be sure that you are neither purchasing a policy that is lacking in necessary coverage or 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, assist you with determining your coverage needs and find you a selection of competitively-priced policies that are suitable for you. Your local network agent may even be able to find ways to save you money on your other insurance policies. Find an agent in your neighborhood today for more information and to receive a variety of obligation-free Milwaukee condo insurance quotes.