There are benefits that come from owning a condo that you cannot find in traditional homeownership or in renting. You enjoy less maintenance and upkeep than single-family house occupants, yet you also have the freedom and flexibility to paint or change things in your unit – something renters are typically unable to do. Of course, there are also some risks involved with condo living. Our goal here at Awesome Insurance Consultants is to minimize your financial exposure to those risks with condo insurance that fits your needs and lifestyle.
Most condo insurance policies contain coverage for a wide range of hazards and perils. Though the details of your coverage may vary depending on the insurer and the type of policy you choose, your insurance may include protection for:
- Fire, Smoke, and Explosions
- Vandalism and Theft
- Lightning, Wind, and Hail
- Falling Objects
- And more
Be sure also to note the types of loss events that are not covered by your condo insurance policy. Earthquakes and floods, for example, are typically excluded, but coverage for these events may be available as supplemental coverage or a stand-alone policy.
Types of Condo Insurance Coverage
Your condo insurance policy will outline several different types of coverage. Each one is unique in the types of losses it covers, but together they help provide complete protection against financial loss. Your policy may include:
Structural Property Coverage
This is the section in your condo insurance that helps protect the investment you made in your home. In the event your condo is damaged or destroyed due to a covered event, your property insurance helps pay for the restoration of your unit to like-new condition.
It is of utmost importance that you work closely with an agent when structuring your property insurance coverage, as this section of your policy is meant to work in tandem with the coverage in your condo association’s master policy. In some cases, the association policy pays for the reconstruction of the unit to its original condition; in others, the coverage may only pay for the restoration of the unit’s exterior walls, leaving you responsible for rebuilding the entire interior of your unit. Either way, the right coverage will pick up where your association insurance leaves off without subjecting you to gaps in your coverage.
Personal Property Insurance
If your personal belongings are damaged or destroyed due to theft, vandalism, fire, or some other covered event, personal property insurance helps reimburse you for the loss up to the limits in your policy. This typically includes the ‘big’ things like your furniture, electronics, and clothing, but it also includes the ‘lesser’ things like your paper towel holder, your cleaning supplies, and your potted plants. The value of these items is often much more than you might think, which is why we suggest taking inventory of your home before choosing your personal property coverage limits. Note that you may need to schedule additional protection for valuables like jewelry and furs that are often subject to additional coverage limitations within your policy.
Be sure to talk with your agent about the differences between actual cash value (ACV) and replacement value coverage. Standard condo insurance often covers ACV for damaged or stolen items, reimbursing owners only for the depreciated value of their assets. With replacement value coverage, you instead receive compensation for the full cost of those items brand new, minus your deductible.
If someone gets hurt while visiting your condo, you can be held liable. If a member of your household accidentally injures someone or damages someone else’s property, you can be held liable. In either of these cases, condo liability insurance can help cover the cost of defending yourself against negligent claims, as well as the cost of any financial responsibility your may owe to the victims.
Liability insurance typically covers incidents occurring in your condo, and it also follows you and your household members outside your home. Since bodily injury and property damage litigation can total tens or even hundreds of thousands of dollars, we typically recommend purchasing high-limit liability protection to safeguard your income and assets against a potential lawsuit.
Medical Payments Coverage
If someone is injured on your property – even if it is due to their own negligence, not yours – medical payments coverage can help pay for emergency medical bills and other necessary medical expenses. This is no-fault coverage that typically pays a few thousand dollars in benefits. Although it does not relieve you of any liability you may have in the situation, it could be enough to help you avoid a lawsuit if someone is injured at your home.
Temporary Living Expenses
Could you afford to find somewhere else to live at a moment’s notice? If your home is badly damaged or destroyed due to a covered event, temporary living expense coverage can help pay your interim costs until your condo is restored and habitable once again. This may include the cost of renting an apartment, purchasing ready-made meals for your family, or doing laundry at a laundromat.
Chances are your condo association’s master insurance policy contains enough coverage to protect you and the other residents against most incidents related to the common areas of your building. If, however, a loss exceeds the coverage limits in your association policy, you may be responsible for splitting the remaining damages with your neighbors. This is called a ‘loss assessment’, and you can include coverage for it in your private condo insurance policy.
Missouri Condo Insurance Quotes
When you choose an independent agent, you are choosing to work with someone who can connect you with multiple insurers – not just one. That gives you the benefit of choice and variety when it comes to your condo insurance, and it could help you save money on premiums, too.
At Awesome Insurance Consultants, we offer personalized risk assessments, as well as a review of any discounts you may qualify for to reduce your premiums. Examples include savings for insuring your condo and vehicle with the same carrier, paying your premiums in full, installing a monitored security system in your condo, and more.
For more information about how an independent agent can help you save money on Missouri condo insurance premiums, contact our office today. We look forward to serving you soon.