Why You Need CONDO Insurance

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Spot On Coverage

Some of the condos we can find coverage for:

Low-Rise
High-Rise
Co-Op
Townhouse

MORTGAGE REQUIREMENT:                           

If you have a mortgage on your condo, your lender will typically require you to have insurance coverage.  Even without a mortgage, insurance provides vital protection for your condo, its contents, liability exposure, medical expenses for others, and loss of use situations.

LIABILITY PROTECTION:

Shield yourself from liability for injuries, property damage, and lawsuits.

MEDICAL EXPENSE COVERAGE FOR OTHERS:

Ensure coverage for medical expenses for others who may be injured on your property due to a covered incident.

PROTECTION FOR YOUR CONDO:

Coverage to protect against repair costs or replacements.  Condo insurance covers the interior of your structure, including walls, countertops, cabinets, and flooring.

There are Six Standard Condo Insurance Coverages:

Building Property Coverage:

Covers alterations, appliances, fixtures, and improvements within your condo unit that are part of the condo building. The exterior of your condo building is covered by the condo association’s insurance policy.

Personal Property Coverage:   

Covers your personal belongings, including furniture, electronics, clothing, and other valuables, in case of theft, damage, or other covered loss.

Loss of Use Coverage: 

If your condo becomes uninhabitable due to a covered loss, condo insurance may cover expenses, such as temporary accommodations and meals, while your condo is being repaired and rebuilt, up to your policy’s limits. 

Loss Assessment Coverage:

Protects you against unexpected costs resulting from assessments by your condo association, covering shared property expenses or liability claims against the association.Top of Form

Personal Liability Coverage:    

Protects you in the event of a claim or lawsuit for damages resulting from bodily injury or property damage, covering legal costs and damages up to your coverage limits.

Medical Coverage:   

Provides coverage for injuries sustained by someone else on your property, regardless of fault, including medical expenses resulting from the injury.

Optional Condo Insurance Coverages:

Water Back-Up & Sump Pump Discharge or Overflow Coverage:            

Covers water damage to your property resulting from sump pump failure, overflow, or backup.  Includes remediation and damage or replacement of your property up to the coverage limit.

Example: During a period of heavy rain, your sump pump fails, resulting in damage to your finished basement. This coverage may cover repair expenses up to the coverage limit.

Personal Injury Coverage:

Covers legal fees and damages from slander or libel lawsuits (something you say/write that damages a person’s reputation or business); false arrest or imprisonment, wrongful eviction, and other related lawsuits against you.

Example: Your neighbor accuses you of spreading false rumors about their business, resulting in a defamation lawsuit. This coverage pays your legal fees.

Potential Savings to Explore:

Insurance discounts can differ depending on the insurance provider you select.  It is important to note that not all carriers offer the same discounts.

Home Safety Discounts:

Safety & Alarm Discount:  You can qualify for discounts by installing alarms, such as burglar and fire alarms. Additionally, safety features like automatic sprinklers, security systems, and cameras in your condo may also lower your premiums. Opting for a comprehensive central alarm security system that alerts authorities of break-ins and offers fire protection yields higher savings compared to basic security measures like deadbolt locks and passive burglar alarms.

Payment Discounts:

Pay in Full Discount:   Save by paying for your condo policy in full upfront rather than making monthly payments.

New Homeowner Discount:

New Purchase:  Earn a discount on your condo insurance if you’re buying a condo for the first time. This discount applies regardless of whether your condo is newly constructed or not. You can also qualify for this discount when transitioning from a renter’s insurance policy to a condo policy.

Flexi-Bundle™ & Save:

Flexi-Bundle™ Discount:  Combine up to four insurance products and select from up to four insurance carriers.

Frequently Asked Questions

You have two payment options:

Option 1:  Click the Carrier tab, scroll to locate your carrier. Most carriers accept online payments via check, credit card, or ACH.  Click on your carrier’s name and proceed to make your payment.

Option 2:  Click the Customer Center tab. Scroll down to find the Input1 icon. Input1 offers digital payment options, including ApplePay and eWallet.  Click on the Input1 icon, log in, and make your payment. 

Report The Claim by Phone:

  • Click on the Carrier tab.
  • Locate your insurance carrier.
  • Use the carrier’s claims phone number to report the claim.

Report The Claim Online:

  • Click on the Carrier tab.
  • Use the carrier’s claims website link to report the claim online.

Here are some things to consider if you are deciding whether to file a claim:

  • Was anyone injured?
  • Did you cause damage to someone else’s property?
  • Is it unsafe to live in your condominium?
  • Do the damages exceed your deductible?
  • Is the issue related to maintenance or normal wear-and-tear?

If you answered yes to one or more of these questions, you should consider filing a claim. If you have further questions about the claims process, don’t hesitate to contact your insurance carrier directly.

Step 1:  Get to Safety:

  • If the condo is uninhabitable, relocate to a safe place.
  • Keep track of your living expenses, such as hotel costs and receipts for meals eaten out.

Step 2:  Protect and Secure Property:

  • Cover or tarp holes in walls and roof.
  • Board up windows and doors to prevent looters.
  • Ensure fire and embers are extinguished and move any property at risk of damage.

Step 3: Collect Info and Document Losses:

  • Create an inventory list of all lost items and do not throw anything away.
  • Document everything and maintain a claim diary.  Take note of who you spoke to and when, any completed work, and keep business cards from adjusters or contractors.

Step 4: Contact Your Insurance Carrier

Your immediate priority is ensuring the safety of yourself and your family.  Contact the police promptly to report the burglary.  When the police arrive, they will compile a report detailing the incident, which is necessary for filing your insurance claim and expediting the process. 

Additionally, create a detailed list of lost or damaged items, along with their estimated values, to provide to your insurance company when you contact them.

Flood damage is typically not covered by a condo insurance policy.  To safeguard against flood-related damage, it’s essential to purchase a separate flood insurance policy, which can be obtained through Insurish. 

If you reside in a flood-prone area, obtaining flood insurance should be a priority. Use the FEMA flood map to access the flood risk associated with your address. This information will help you determine whether purchasing flood insurance is advisable to protect your condo.

To purchase flood insurance, simply visit the Insurish website and navigate to the Products tab at the top of the home page to get a quote or contact us with any questions.

Step 1: Secure Property

  • Temporarily repair and turn off the water source.
  • Secure valuables to prevent further damage.
  • Unplug electrical appliances near the affected area.

Step 2: Start Remediation

  • Contact a contractor to repair the source of the leak.
  • Begin drying up any visible water and start the mitigation process.

Step 3: Prepare for Claim

  • Keep receipts for any out-of-pocket expenses.
  • Take photos of the damage and refrain from disposing of any damaged items.

Step 4: Contact Your Insurance Carrier

Step 1: Secure Property

  • Tarp, board up, and protect your condo from further damage.
  • Clear debris from the area.
  • Photograph the damage before and after securing it.

Step 2: Continue Securing

  • Look for any signs of water leaks, wall, or ceiling damage.
  • Keep receipts for any out-of-pocket expenses incurred.

Step 3: Contact Your Insurance Carrier

A deductible is the portion of covered expenses that you are responsible for paying out of pocket before your insurance coverage begins to apply. 

For example, if your condo’s insurance deductible is $1,000 and you incur $10,000 in damages, the insurance company will cover $9,000, and you would be responsible for paying your $1,000 deductible.

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If you have questions, you can call, text, email, or live chat with a real expert at Insurish who is standing by to help. No matter how you contact us, we will get back to you immediately. For help, click the Contact Us tab.

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Please Note:

At Insurish, we provide general information on insurance products to help you grasp their different aspects. It’s important to note that this information isn’t an insurance policy and doesn’t pertain to any specific carrier’s policy. It doesn’t alter any provisions, limitations, or exclusions expressly stated in an insurance policy. Descriptions of coverages, discounts, and features are concise. For a comprehensive understanding of specific policy details, we recommend reading the applicable policy and consulting an Insurish agent. Coverages and features vary by insurer and state and may not be available in all states. Coverage for accidents or losses depends on the terms and conditions of the actual insurance policy. References to premiums, losses, deductibles, and costs are illustrative and may not apply to your circumstances. Insurish is not liable for the content of third-party sites linked from this page.