Condominium Insurance

Condo insurance is a policy that covers what a condo association’s master policy doesn’t. This could include incidents such as theft, property damage inside your unit or someone being injured in your home. 

What Does Condo Insurance Cover? 

 

Condo insurance policies typically include the following coverages: 

• Personal property coverage may help pay to replace furniture and other belongings if stolen or damaged due to an event listed in your policy.
• Additional living expenses or loss of use coverage may help cover the costs of hotel bills and other expenses if your condo becomes uninhabitable due to a covered event.
• Liability and medical coverage may help if you are sued for negligence or damage to someone else’s property. It may also help pay for medical costs associated with someone injured in your home. 

Dwelling or building property coverage may help cover your unit’s interior. 

Condo insurance usually helps cover damage from fire, smoke, explosions, wind, hail, theft, vandalism and lightning. Be sure to ask your property manager or condo board president for a copy of your association’s master policy to help you and your insurance provider decide what individual coverage you may need. 

How to File a Condo Insurance Claim 

 

Generally, if a covered loss occurs when you have condo insurance, you can file a claim with your insurance provider. You may then receive payment for your loss in accordance with your policy’s terms, minus any applicable deductible, and up to your policy’s coverage limit. Additionally, for third-party liability claims, the impacted individual typically works with your insurer to receive financial assistance.  

Do I Need Condo Insurance? 

 

If you need help deciding if condo insurance is right for you, contact Geswein Insurance Agency LLC. We can help you find an insurance policy that best fits your needs.