Condo insurance has many of the same attributes of homeowners insurance, but with its own twist. With different slightly different risks and a condo association master policy to consider, knowing which type and how much coverage to purchase can be confusing. At Doug Hansen Insurance, we have the solution. Our team understands the unique insurance needs of condo owners and can help you select coverage that closes gaps and minimizes your vulnerability to risk.
Types of Condo Insurance Coverage
Before you can build your condo insurance policy, you first need to know the answer to several questions:
- What is and is not covered under your condo association policy?
- How much would it cost to replace your belongings?
- How much would it cost to rebuild the interior of your unit?
- What is the value of the upgrades you have made to your unit?
- What is your overall net worth?
The answers to these questions are important for determining your coverage. Our team will help you select a policy with coverage according to your individual needs. Most condo insurance policies include coverage for:
Dwelling and Improvements
If your condo is destroyed or damaged, the financial loss could be devastating. Your condo association master policy may pay to rebuild the exterior of your unit and perhaps even the cabinetry and trim. What is not covered in your master policy, however, will be your loss to absorb unless your condo insurance includes adequate coverage for your dwelling.
This helps to replace items that are damaged, lost, or stolen in a fire, burglary, or another covered event. Minus your deductible, you can begin to replace the things you love with minimal out-of-pocket costs.
Some items in your condo may be subject to limited coverage under your condo insurance. For example, your fine jewelry may only be covered for up to $1,500. If your jewelry is appraised for more, you may need to talk to an agent at our office about additional coverage.
Accidents happen; but when they happen in your condo, you could be held liable. Regardless of fault, medical payments coverage helps provide payment for medical expenses if someone other than a member of your household is injured while visiting your unit.
Liability and Loss Assessments
If you are sued for property damage or injuries you cause on or off your property, liability insurance can help cover your defense costs and any judgments made against you up to the limits of your policy. In addition, condo insurance typically includes coverage for loss assessments for which you may be liable if your condo association is sued beyond the limits of the master policy’s liability.
In cases of extreme damage, your condo may become temporarily uninhabitable. The living expense coverage on your condo insurance can help pay for lodging and other living expenses until you can return home.
Thiensville Condo Insurance Quotes
If you own a condo in Wisconsin or the greater Thiensville area, make sure you are only purchasing coverage from an independent agent here at Doug Hansen Insurance. We understand your unique coverage needs and are committed to looking out for your best interests. For more information or to request your condo insurance quotes, contact our office today. We look forward to serving you soon.