You may not own the building you live in or the land it is built on, but the deed to your condominium unit is yours. As a condo owner, you are a member of a larger community of neighbors who have a shared financial interest. Your risks are unique to your lifestyle and very different from those of renters or homeowners. Accordingly, you need insurance protection that is customized to your needs. At Midwest Insurance Solutions, we offer condo insurance that is made with you in mind. From personal property and displacement to liability and loss assessments, we can help you get the coverage you need.
Hazards and Risks
“It won’t happen to me.” It is a thought many have had when reading news stories about people who lost everything to a fire, burglary, or even a lawsuit. No one goes looking for a disaster or a reason to face litigation. Unfortunately, bad things can happen to well-meaning people. If that person is you, it pays to be prepared. We offer insurance solutions that can protect condo owners against damages caused by many different events, examples of which include:
- Fire
- Smoke
- Explosion
- Falling objects
- Wind
- Hail
- Lightning
- Theft
- Vandalism
- Accusations of negligence
- Third-party injuries
- Third-party property damages
- And more
Your Condo Insurance Policy – What Does It Cover?
Condo insurance policies are typically divided into coverage types. Together, these coverages are designed to protect you against the losses your condo association’s master insurance policy does not. For example, if your association’s coverage pays for damages and loss affecting the common areas of your building and the exterior walls of your unit, your private policy might pick up where it leaves off, covering damages to the inside of your unit.
A typical condo insurance policy includes:
Structural Property Coverage
This section of your policy pertains to the structure of your condo unit, including all walls, trim, flooring, fixtures, built-ins, cabinetry, countertops, and more. If your unit’s structure is damaged due to a covered event, your policy pays to repair and restore it to its original condition. We recommend consulting with your agent concerning existing coverage in your association’s master policy to determine better how much structural property coverage you need for your personal policy.
Personal Property Coverage
Personal property coverage is designed to compensate you for loss of the things you own. It covers your personal belongings inside your unit, as well as when they are stored outside your condo, such as in your vehicle or at work. If your items are damaged or stolen due to a covered event, personal property insurance compensates you for either their depreciated, actual cash value or their full replacement value depending on which type of coverage you select for your policy. Take inventory of the things you own to help you better determine how much coverage to purchase and whether you may need additional protection for high-value items not covered in full by your standard coverage.
Liability Coverage
If you or a member of your household, such as your child, injures a third party or causes damages to their property, liability insurance helps cover your financial responsibility. Although it may exclude certain types of events, such as car accidents or malicious acts, it can help you if someone slips on a water spill in your condo or if your dog attacks the neighbor’s dog while out for a walk.
Medical Payments Coverage
This coverage is designed to provide instant medical bill compensation for guests injured on your premises, regardless of fault. Although coverage is limited and it does not remove potential liability for an incident, it may provide enough coverage to help you avoid a lawsuit – particularly for minor injuries that do not have lasting effects or require extensive medical treatment.
Temporary Living Expenses Coverage
If you are forced out of your condo due to a fire or other covered event, this coverage can help you pay for somewhere else to live, eat, and do your laundry while your home is repaired.
Loss Assessments
Incidents that occur in community spaces are the shared responsibility of all members of your condo association. When the master insurance policy does not cover all of the damages or liability, you may be assessed your share of the damages. Loss assessments can help cover these unexpected expenses.
If you own a condo in the greater Des Moines area, we can help you get the coverage you need. Contact us today for more information or to request your quotes.
