Indiana Condo Insurance
Condo associations, which maintain the buildings themselves, generally take care of insuring the outside of the structure. Making sure you have the right amount of coverage for the parts of the building on the inside, however, is up to you.
This insurance is different than homeowners insurance. If you’re a condo owner, you don’t insure the entire building. Typically, you insure the property inside like the walls, studs, inside the drywall.
Condo policy coverage should include:
Personal Property – On a home policy, you will find this calculation based on the replacement cost of the dwelling. On a condo policy, however, this amount is left to your discretion. Your personal property needs to cover anything you carry through the front door. When figuring how much coverage you need, keep in mind that things like clothing, furniture, cookware, books, artwork, home electronics, computers, and other items down to your toothbrush.
Dwelling improvements or alterations – Based on the square footage of your condo. If you can see it on the inside, you need to insure it. You also need to protect some of the things you can’t see. This includes interior walls, paint, cabinets, fixtures, plumbing, ductwork, wiring, carpeting, and flooring. Also included are private garages and permanent improvements or updates you make to your property. We find this is the most underinsured part of a condo policy.
Loss of Use – Pays your living expenses if you can’t stay in your condo due to damage during repairs or while you search for a new residence.
Personal Liability – Covers you in case of injury to other people, their property or property on your premises. This part of the policy travels with you anywhere in the United States.
Medical Payments – Covers minor injuries and co-pays for anyone on your premises, regardless of fault.
The insurance professionals at the Dean Ballenger Agency understand the unique risks that come with your condo policy. We’ll advise you about the type of coverage you need and help you choose a policy from our top-rated insurance companies that offer policies designed just for condo owners.
We’re happy to review your condo requirements with you any time to make sure that there are no gaps in your coverage. Free, honest policy reviews are part of our stewardship philosophy.