Condos Are Covered
Convenient Condo Living Requires Condo Insurance
Find the Perfect Condo Coverage for You
Whether you rent or own your condominium, is it properly protected from potential risks? While it’s easy to assume that a condominium’s Master Policy will cover most anything, there are many personal items that are not covered. Some Master Policies only cover to the outer walls, and you are responsible for insuring everything inside. Others might require that you have insurance that covers part of common areas that might need repairs. And most Master Policies, no matter how comprehensive, will not cover damage or theft of your personal items, or water damage, many other types of claims.
This is why having a comprehensive Condo policy written by an expert who knows where those gaps may be is so important. Pijar Insurance has that expertise to make sure that between your policy and the Master Policy, everything is well-covered.
What Condo Insurance Covers
Condo insurance is for anyone who lives for even part of the year in a unit that is owned and insured by a condominium association, townhome association, cooperative, homeowner association or planned community.
Condo insurance is very different than typical homeowners insurance since the structure of the condo isn’t covered. But it does protect you from the same perils as homeowners insurance, including fire and smoke damage, windstorm or hail, lightning, theft, vandalism, plumbing water damage and frozen pipes, falling objects, and impact from vehicles or aircraft. Standard condo insurance does not cover flooding or earthquakes, so if you live in areas affected by either one, you may want to consider additional coverage.
Condo insurance offers personal liability coverage to protect you should your visitors get injured or you accidentally damage other people’s property. It also includes additional living protection should you need to relocate while your condo unit is repaired. You may add extra coverage for valuable jewelry, collectibles, cameras, musical instruments and more, as an endorsement to your policy. If you operate a business out of your condo, you can add increased business coverage to protect those assets.
You can usually choose between actual cash value condo insurance, which will replace your belongings after factoring depreciation, or full replacement cost protection, which may cost more upfront, but covers the full replacement cost of your possessions. If you have made improvements and additions to your condo, you might consider extra protection to cover those. Also, if you are planning an upcoming condo renovation, talk to us to learn what impact your improvements will have on your condo insurance.
How Much Coverage Is Enough
You will want to consider the provisions, exclusions and conditions of the condo’s association policy when determining the type of condo insurance and coverage amounts you need. It can be complicated to understand what is actually covered by the association policy since bylaws and other regulations vary a lot from one association to another. The independent insurance agents at Pijar Insurance Inc. can help you secure condo insurance that meets your unique needs.
You will also want to consider what your belongings are worth and how much it would cost to replace anything that is stolen, vandalized or damaged under the terms of your condo insurance. Think about the investment you have made in your furniture, appliances, clothing, shoes, electronic equipment, jewelry, knick-knacks and everything else you own.
Contact Us Today
Contact Pijar Insurance Inc. today if your living situation may include a condominium in the near future. Call us at (800) 261-0471 for a no-obligation quote.