If you own a condo unit in the U.S. and need to insure your unit, you may be asking this question: "Can I insure my unit with condo insurance?" Use this guide to learn more about condo insurance claim and how it can help protect your investment.
Every condominium unit that you own will have different needs when it comes to insurance. Some of the common insurance needs that a condo owner may need include coverage against theft, vandalism, and fire, water damage, special coverage for rented space in the home, personal property protection and additional living expenses. Condo insurance is not the same thing as building insurance. Saving on condominium insurance by getting a higher deductible can be risky and can leave you vulnerable when something bad happens. Often called dwelling coverage, condo insurance generally includes coverage for additional living expenses if your condo were to become uninhabitable due to covered perils. Condo Insurance Discounts: A 10% discount is available for residents who live in coastal or flood hazard areas or who participate in a community disaster fund or association risk pool with authorized insurers.
It's important to understand that condominium units are covered by unit owners' associations (HOA), not their condo insurance. A condo insurance policy won't cover something that is only covered by the HOA, such as a leak in the building caused by the water main being broken, for example. In this case, the HOA would be who would handle paying to repair damages caused by the leak and then later assess owners for a portion of those costs based on percentage of ownership.
If you've purchased a town-home that requires membership in a condo association, most likely you have been required to take out a condo insurance policy. This type of policy covers the interior of your unit and provides liability protection for your personal belongings. However, if you are responsible for the exterior maintenance of your town-home or property, you may want to supplement your condo insurance with a homeowners insurance policy that protects against loss or damage to the exterior of your units.
It’s important to note that not all condo insurance policies are created equally. Most agents or companies will have their own, unique requirements for condo insurance coverage. If condo insurance is a necessity for your next home purchase, we recommend consulting with an independent insurance agent who can help you find the condo insurance claim that best suits your needs.
Before a condo insurance policy is issued, an agent will conduct a full risk assessment. This will likely include an inspection of the complex for potential security threats. If these potential threats are ignored, your premium may be much higher than it needs to be. Make sure you have the right insurance policy for your condo before you invest in it and discover the hard way that it doesn’t provide the coverage you need.
There’s a lot more to condo insurance in Edmonton than you might think.
That’s why Dyck Insurance has specialized brokers that design their schedules to fit yours.
Their dedicated brokers are committed to working with you in order to provide you with the best-personalized service.Dyck Insurance has been a top choice among insurance brokerages in Edmonton for nearly 40 years.
We serve the residents of Alberta for all their insurance needs, including personal lines and commercial lines.
We currently have locations in Edmonton, Thorsby, Wetaskiwin, and Calmar.
As a family-owned and operated brokerage, we see our clients as our neighbors, and we’re here to take care of them.
We are an Independent Insurance Agency, which means we have made available some of our best companies for your online quick quotes.https://bigsandiego.com/personal-insurance/condo-insurance
What is Condominium Insurance?Condominium insurance, or HO-6 insurance, protects the interior of a condominium building and personal belongings inside a unit.
Not all homeowner’s association insurance protects those living in condominiums.
Dwelling CoveragePersonal Property CoverageDamaged/Stolen/Destroyed by a perilAppliances, clothing, electronics, furnitureLoss of Use Coverage Damaged Covered Peril/UninhabitableAdditional Living ExpensesMost Policies Cover:ContentsLegal Liability for damage to property or injury to othersMedical Payment to othersAlterations and Renovations in case of damage due to:Burst pipes, explosion, fire damage, hail, lightning, smoke, theft, vandalism, wind What is the difference between HO-6 Insurance and Condo Association Insurance?Generally, the condo association insurance or HOA master policy covers the common areas in the condominium unit and protects the interior structure of the condo building.
Single Entity CoverageAny part of the unit unaltered (On move-in date)Bathroom FixturesCabinetsInterior StructuresTop FlooringOutside of the walls (Exercise Rooms, Lobbies, Swimming Pools, Outdoor Pavilions)3.
Why is it important to have Condo Insurance?Protecting Your Own: Condo association insurance is not enough to cover the insides of your residence or personal property.Protecting Yourself: Liability coverage can protect you against accidents within your condo.Assurance to Live: Temporary housing is offered if your condominium was damaged.
What discounts does Condo Insurance offer?Multi-Policy Discount: A combination of two or more policies.Claims-Free Discount: A lower premium offer for policies with no claims.Home Purchase Discount: Discount for a home purchased within the last 12 months.Protective Device Discount: If the condo unit has:Burglar AlarmsFire AlarmsSmoke DetectorsOther Qualifying DevicesGated Community Discount: Discounts for all vehicle entrances in a community protected by:Key-lock DevicesResidence CardsSecurity Guards Florida's Leading Insurance Company | John Perry InsuranceSafeguard and protect your condominium with Florida's leader in homeowner and rental insurance.
