Indiana Condo Insurance
Condo insurance is different than homeowners insurance. If you’re a condo owner, you don’t own the entire building. Typically, you own the property inside the wall studs, or inside the drywall.
Condo associations, which own the buildings themselves, generally take care of insuring the structure. Making sure you have the right amount of coverage for the parts of the building you own, however, is up to you.
Condo policy coverage should include:
Personal Property – On a home policy, this amount is calculated for you based on the replacement cost of the dwelling. On a condo policy however, this amount is left to your discretion. Your personal property covers 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 should be included.
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 insure 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.