Condo Homeowners Insurance
Your personal possessions turn the space you own into a place that’s uniquely yours. Now consider how much it would cost to replace the belongings you love, not to mention the things you need, if they were damaged, destroyed or stolen. How about if someone was injured on your property and you had to pay their medical bills or defend against an expensive lawsuit?
Without condo unit-owners insurance, you’d pay out of pocket for both of these scenarios.
Why You Need Condo Insurance
Your condo association has its own master policy that covers things like the condo property, common areas, and the exterior of your condo — but you’ll have a number of gaps in coverage if you simply rely on your condo association for protection.
Having condo unit-owners insurance with us means you’ll get the support of an American Family Insurance agent who’ll work directly with your condo association to locate and fill these coverage gaps. In other words, your condo unit-owner policy helps cover what your condo association’s policy doesn’t.
Even better, if your condo association is insured by American Family, having your condo unit also insured by us is an important advantage. Because if both your condo association and your individual unit suffer building damage in the same loss, or there’s a loss assessment for insurable damage to association property, and both the building and your unit are insured by American Family, we’ll waive your deductible.*
How Much Condo Insurance Do You Need?
The amount of condo insurance you need is unique to each customer — that’s why having an American Family agent help you customize your coverage is so important. They’ll help you determine what coverages and coverage limits you need to best protect your property, belongings and family’s financial well-being.
To get things started, you can create a home inventory that details the value of all your belongings. An inventory helps make sure you have the right amount of personal property coverage in the event of the unexpected.
What Condo Insurance Does Not Cover
Though it protects you in many ways, there are specific instances you’re not covered by your condo insurance. For instance, if your condo is damaged from a flood, unfortunately none of your belongings will be covered. The good news is, you can purchase a flood insurance policy through the National Flood Insurance Program, which your agent can help you add.
You also won’t be covered if you are injured in your condo — that’s what your health insurance is for. The bodily injury protection is specifically for accidental injury to other people.
And, any damage to the outside of your condo isn’t covered by your condo insurance unless your condo by-laws specifically require it — that’s usually your condo association’s responsibility and their insurance should cover it.
What Does Condo Insurance Cost?
The cost of condo insurance varies depending on the value of your personal property and the amount of coverage you need. If you have a number of valuables, like jewelry or fine art, you may want to itemize your property, as mentioned above. Though it costs a little more, you’ll have peace of mind that your important possessions are fully protected from the unexpected.
And, the more additional coverages you have, like umbrella liability insurance, the more you’ll pay, but you’ll also be better protected. Your best bet is to talk with your agent and work with them to determine exactly the coverages you need to find a price that works for you.
Get Covered With Condo Insurance
Ready to learn about your coverage options? Head to our condo insurance coverage page to get protection today.
*For all covered real property losses, except if caused by earthquake and volcanic eruption. Real property included built-in components, attached fixtures, alterations, additions, improvement and permanently attached floor coverings.