Where does my condo policy begin and end? Find out here.
Condo insurance, or condominium owners insurance, protects you and your unit from financial harm in the event of a covered loss.
Most states do not require condo insurance but your mortgage lender may require coverage to be maintained. Additionally, your HOA may have coverage requirements as well.
There are a number of discounts potentially available for your condo insurance policy. These include multiple policy discounts, security system discounts, loss-free or claims free discounts, and more. Discounts vary by eligibility and state.
Condominium insurance typically provides coverage in the event of the following perils: fire and lightning, windstorms and hail, theft and vandalism, weight of ice, snow, and sleet. Policies vary. Check your policy to confirm.
The master policy for a condominium building is commonly referred to as your homeowners association (HOA) insurance. This policy should protect the building structure, common areas, and liability exposures.
Condo insurance is a promise to pay in the event of a covered loss, up to the coverage limits provided in the policy.
Liability insurance can be a component of your condo insurance policy. This coverage helps protect against bodily injury, medical payments and legal expenses. See policy for coverage limits and exclusions.
On average you can expect your boat insurance to cost $200-$500 every year. However, if you own a big boat (like yacht or sailboat), the boat insurance can cost between 1-5% of boat's value.
Typically, mortgage lenders require around 20% of the appraised value of the property as this policy is a "walls in" policy and the master policy for the building is the primary coverage for the property.
Condo insurance doesn't cover everything. Condominium insurance does not provide coverage for flood damage, property of a renting tenant, or a motorized vehicle.
Home insurance covers the exterior of a building, this excludes garages, roof, and exterior walls. A condo insurance policy is known as a "walls in" policy and covers personal property and limited interior elements of the home.