Whether you own a small downtown loft or a sleek penthouse with panoramic views, your condo offers the luxury of ownership with the benefits of co-op living. That means you can enjoy the space and flexibility of a condo without the hassles of mowing or shoveling snow. While everything on the outside is common space, the inside of your unit is your personal responsibility. Protecting it means purchasing condo insurance that picks up where your condo association’s master insurance policy leaves off.
Why Purchase Your Own Condo Insurance Policy?
Condo insurance is designed to cover three things: your personal possessions, your interior structures, and your liability. None of these coverage types are included in your condo association’s master insurance policy, which only protects against damages and liability associated with the common space in your building. Without a personal policy, you could be vulnerable to a lawsuit or open to a major financial loss if your unit is damaged by circumstances outside your control. Here at Mid Rivers Insurance Group, we know how quickly life can change. There may be little you can do to thwart a disaster, but there are plenty of ways you can be prepared.
For example, consider the case of a newlywed couple who just moved into a St. Louis area condo. They add some built-in cabinets, upgraded to granite countertops, and build a new wine bar for entertaining. A year later, the entire building catches fire, causing tremendous damage to the couple’s unit and belongings. The condo association fees they pay each month help fund insurance coverage that will rebuild the unit. However, the couple is dismayed to find that upgrades to the unit will not be covered. Since they did not purchase individual condo insurance for the interior structure of the condo, the couple takes a total loss on the upgrades they had made.
Condo Insurance Coverage
When searching for St. Peters condo insurance, it is important to consider the many types of coverage available and how they can help protect you.
Don’t trust your condo association’s insurance to cover your entire condo unit. Dwelling insurance helps pay to repair or rebuild the inside of your condo, as well as its structures, such as cabinetry and fixtures. If you have a mortgage on your condo, expect your lender to require condo insurance that includes coverage for the dwelling.
We recommend taking a home inventory of your personal belongings to determine exactly how much personal belongings coverage you might need. Include everything – from your personal wardrobe and furnishings to your electronics and décor. If you ever lose your possessions due to a covered event, such as smoke damage or theft, your condo insurance can reimburse you for your loss.
Loss of Use
If you are displaced from your condo due to a covered event, your living expenses can be covered on a temporary basis. We can procure condo insurance coverage that helps pay for your lodging, food, and even your laundry until you can return home.
Sharing a building with other unit owners means sharing the responsibility of maintenance and repairs. If your condo association’s master policy does not cover an entire claim, you may become partially responsible for the debt. Your personal condo insurance can help protect you against unexpected loss assessments should they arise.
Of all claims, liability claims have the greatest potential for leading to financial ruin. That is because a person injured on your property or by someone in your household can sue you for your current assets and future income. Liability insurance helps protect your financial stability and future against litigation – regardless of whether you were at-fault.
For more information or to request your free condo insurance quote, contact our office to speak with one of our condo insurance coordinators. We look forward to serving you soon.