Even though you don’t own the building or land on which your condo sits, you still need good insurance for your unit and belongings.
You will need to purchase condo insurance if you want coverage for issues that aren’t covered by the HOA master policy, like theft of your personal belongings or accidental injuries to others. Additionally, condo insurance may be required in some instances.
What is Condo Insurance?
Insurance for condominium units helps to cover costs associated with repairs and losses. Theft, vandalism, fire and water damage, among other risks, are frequently covered by condo insurance.
Condos require their own special insurance requirements, but they are a great alternative to renting an apartment or owning a single-family home. Condo insurance typically includes a few standard coverages to help protect you, your condo unit and your belongings.
Here’s a look at how these coverages work:
- Liability: Covers accidental damages or injuries.
- Personal Property: Covers personal items such as your TV, Furniture, Clothing & Jewelry from events such as theft or fire.
- Interior Walls: This helps pay for repairs to the walls of your condo and other items inside it like your cabinets or built in bookshelves if they are damaged by covered events such as fire.
- Medical Payments to Others: Covers medical expenses for minor injuries in your home.
- Additional Living Expenses: This helps pay for extra living expenses such as hotel, meals, laundry & pet boarding if you cannot live in your home due to an event covered by the policy.
A Condo Insurance policy covers damage caused by:
- Fire or Lightning
- Overflow of water
- Windstorm or Hail
Located in Kalispell, Montana and Coeur d’Alene, Idaho. We also serve these areas: Columbia Falls, Whitefish, Bigfork, and Polson in Montana; Hayden, Post Falls, Rathdrum, and Sandpoint in Idaho; and Liberty Lake and Spokane in Washington.