For those that are living on their own for the first time, those looking to upgrade or downsize, or people looking for a place to live without the hassle of landscaping and maintenance, a condo may be the perfect solution. Many condo renters believe that their belongings are covered by the landlord's insurance; unfortunately, this is most likely not the case. Getting a condo insurance policy is one of the most important ways to protect yourself and your assets.
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Life in Wyoming
- The average rent in WY is $742 per month, much lower than the national average.
- In 2012, only 8 percent of rentals were vacant in WY.
- Over 30% of Wyoming residents are renters.
- Wyoming has the highest percentage of adults ages 25 and up with a high school diploma.
Wyoming has much to offer its residents. With ample outdoor opportunities, such as fishing, hiking, and snow sports, to lively urban areas, Wyoming has something for everyone.
What Is Condo Insurance?
Condo insurance is a set of policies put together specifically to cover condo residents. In Wyoming, a typical condo insurance policy may resemble the following:
- Liability coverage for bodily injury and property damage: If a guest in your home is injured, you could be held liable for the costs related to the injury. Liability coverage is designed to cover any medical expenses, property, settlement/judgment costs, and legal defense.
- Personal property: Whether you rent or own your condo, you most likely own assets. On average, a renter owns more than $20,000 in belongings. That's a lot to lose. This coverage can help protect your personal belongings such as clothing, furniture, appliances, and electronics.
- Vacant condo coverage: Some condo residents use their condo for only part of the year. If you own a condo that stays vacant for an extended period of time, this insurance is designed to provide protection while your condo is vacant.
Owning Versus Renting a Condo in Wyoming
When you own a condo, the insurance policy you need is called an HO-6 policy. It offers many of the coverages outlined above. When you purchase your condo, you will be required by your lender to obtain a condo insurance policy to protect your investment and the lenders.
If you rent your condo, a renters policy is a wise idea. Offering the coverages mentioned above, you and your assets are protected from wind, fire, rain, theft and arson.
How Much Will a Condo Insurance Quote Be in Wyoming?
There is no average cost for condo insurance, since each renter owns different assets and faces individual risks. When you are shopping online for condo insurance policies, be prepared to answer questions regarding the following:
- Location of condo
- Value of condo
- Owning/renting condo
- Size of condo
- Value of belongings
- If condo has a security system
- If condo has a fire sprinkler system/fire equipment
- If condo has pool access/fitness center access
- If there are pets in the condo
- If residents smoke
- If condo will be lived in full-time or part-time
- Desired coverages
- Desired deductibles
All of these questions, plus more, will be used to determine your individual risks in order to get you the most accurate condo insurance policy available.
Are There Discounts Available on Condo Insurance in WY?
Just like many other insurance policies, there are discounts available on condo insurance in WY. The discounts you may be eligible for may include, but are not limited to, the following:
- Multi-policy discount
- New customer discount
- Loyal customer discount
- Security system discount
- Claims free discount
- Good credit discount
- Paid-in-full discount
- Industry/professional affiliation discount
- Military discount
When shopping for condo insurance quotes, be sure to ask about any available discounts to make sure you're getting the right coverage at the best price.
How to Obtain Condo Insurance
When it comes to being protected with condo insurance, it's critical to have a professional by your side that understands the market. A Trusted Choice® agent is always available to help you discuss coverage options, suggest policy changes, or even help you file a claim.