How Much is Condo Insurance?
At Jeffery & Spence, we get a lot of questions about condo insurance. Your condo is your home, and we highly recommend protecting it as you would any home, with the appropriate insurance coverage. Condominiums are different than independently owned properties, and they often have Boards, rules, and unique considerations to take into account when considering insurance. Here are some answers to commonly asked questions about condo insurance:
How Much Is Condo Insurance?
Much like home insurance and auto insurance, the cost of condo insurance premiums vary depending on a number of factors including:
- How old the condominium building is
- Total value of your personal belongings
- How much money has been spent upgrading the condo since it was built
- Any past claims you may have made
Your condo insurance cost may also vary based on where you live and the level of security you have protecting your home.
Do I Need Condo Insurance?
Condo insurance is not a legal requirement but, without your own condo insurance, if any damage to the building begins in your unit, you may be responsible for the damage.
Condo buildings will have their own building insurance policy, but this only covers the common areas of the building. Purchasing condo insurance will give you peace of mind that your belongings within your condo are protected. Condo insurance also goes beyond your personal belongings and can protect you from the financial responsibility of repairs to your unit in the event of an incident.
Condo Insurance Coverage Options
Not all condo insurance policies are the same, and it’s important that make sure that your policy includes all of the protection you need. When you purchase condo insurance, consider whether you need the following:
- All-Risk Policy: Covers your unit’s contents as well as improvements or betterments that are the result of a named peril.
- Personal Liability: If this is included in your insurance policy, you will be covered if anyone is injured in your home.
- Contents Insurance: Covers losses to your personal belongings, up to a defined limit.
- Replacement Cost Coverage: Your contents are covered if you need to replace them, based on their original value.
- Additional Living Expenses Coverage: If you’re forced to leave your condo because of a fire or other covered risk, your insurance policy will cover lodging, food costs, and other living expenses for a defined period of time.
- Improvements & Betterment Protection: Any improvements made since the condo building was built, either by you or a previous owner, would be covered..
- Loss Assessment: If any damage comes to part of the property that you share responsibility for (as long as it’s one of the listed perils), your insurance policy will cover your portion.
Wading through your condo insurance options can be overwhelming, but at Jeffery & Spence Insurance, we’re here to help. Give us a call and one of our team members will be happy to help!