Condo or Condon’t — Condo Insurance
You’ve taken the plunge and opted for the condo life. Now that the papers are signed, it seems like everything is taken care of for you—building maintenance, roof repairs, landscaping, insurance, etc. It’s time to relax because everything is covered, right?
Not quite. The insurance policy provided by the condo association typically covers the building structure and common areas, but what about potential damage to your unit (carpet, cabinets, etc) and covering your belongings? Without a personal condo insurance policy, you could be left holding a large invoice if your unit is damaged in a fire, has water damage from a broken pipe, etc.
Most condos need two insurance policies.
Master Policy: Generally provided by your condo association, this policy typically covers the physical structure of the building, including basement, roof, walls, elevators, lobbies, etc. Coverage usually includes both physical damage and liability (for the association). Get a copy of the policy so you know what’s covered.
Personal Condo Policy: This will cover additional structural damage to your unit, including cabinets, appliances, personal belongings, and more. This also covers living expenses if you fall victim to a covered disaster and are displaced from your condo. Many insurance carriers, such as Safeco InsuranceTM, offer enhancements that include personal property protection in your condo insurance policy. Safeco’s Full Value Contents® protection will pay the full replacement cost of your belongings, not just what they are worth today.
Contact us today at the Insurance Center of Milwaukee if you have questions! Our phone number is 414-744-6614.