Find the right insurance for your condo or apartment

Type of Coverage Needed:

• For Condo Owners: Typically, you’ll need a condo insurance policy (HO-6), which covers the interior of your unit and personal property. Understand what your condo association’s master policy covers (common areas and the exterior of buildings) and what you are responsible for.
• For Renters: Renters insurance is necessary to cover your personal property and liability. It does not cover the building’s structure, which is the landlord’s responsibility.

Coverage Amounts:

• Personal Property Coverage: Estimate the value of your personal belongings to determine how much coverage you need. This includes furniture, electronics, clothing, and other personal items.
• Liability Coverage: Protects you in case someone is injured in your unit or you accidentally cause damage to others’ property. Consider enough coverage to protect your assets.
• Loss of Use: If your condo or apartment becomes uninhabitable due to a covered peril, this coverage helps pay for additional living expenses.

Deductibles:

• Choosing a higher deductible can lower your premium but means you’ll pay more out-of-pocket in the event of a claim. Weigh this decision based on your financial situation.

Additional Coverage Options:

• Special Assessments (for condo owners): Covers certain assessments your condo association might charge you for major repairs or legal liabilities.
• Flood or Earthquake Insurance: Standard policies do not cover these perils, so consider additional policies if you’re in a prone area.
• Valuables Coverage: For expensive items (jewelry, art, collectibles), you may need additional coverage beyond the basic policy limits.

Policy Limits and Exclusions:

• Understand what is and isn’t covered. For example, damage from floods or earthquakes might require separate policies.

Discounts and Savings:

• Look for discounts for multiple policies, security systems, smoke detectors, or other risk-reducing measures.

Company Reputation and Service:

• Research insurers for their financial stability, customer service ratings, and claims service. It’s important to choose a company that’s reliable and responsive.

Review and Update Your Policy Regularly:

• Your insurance needs may change over time. Regularly reviewing and updating your coverage ensures you’re always adequately protected.

Understand Your Condo Association’s Policy:

• For condo owners, it’s crucial to understand the master policy’s details, including what’s covered and what you’re responsible for. This knowledge will guide you in selecting the right coverage for your needs.

Legal Requirements:

• Some states or condo associations have specific insurance requirements. Make sure you comply with any mandatory coverage laws or regulations.