Condo insurance covers certain parts of a condominium unit. This type of insurance works together with a policy purchased by the condo’s management, usually called HOA insurance or a master policy. If you own a condo or townhouse, then you may need to consider purchasing a condo policy. Mortgage lenders may also require you to purchase a condo policy.
Condo insurance typically offers a different coverage than a standard homeowner’s insurance policy. However, they are similar in how they function. Condo insurance rates are influenced by factors such as credit score, age of the condo, and the location.
Does It Cover Theft?
Yes, individual condo insurance covers your personal belongings. Under personal property, condo insurance covers items such as furniture, clothing, and other personal belongings if they are stolen or damaged by a disaster that is insured in the policy. Expensive items such as jewelry or artwork can be covered up to a certain limit. Do keep in mind, though, that it’s recommended to purchase additional insurance if you have expensive items you need to insure. But, as long as your policy includes personal property coverage, your condo insurance will cover theft or burglary.
To ensure that all your belongings are covered, you may need to make a complete list of your personal possessions and make an estimate of their value.
Condo insurance also provides more coverage than just for theft. This policy will provide coverage for things like:
- Loss assessment coverage
- Liability coverage
- Comprehensive personal liability coverage
How to Get Condo Insurance
To get a condo insurance policy, you can contact an independent agent or a local agent in your area, such as Redwood Agency Group. We will compare condo insurance rates from various insurance carriers to help you choose the best policies for your insurance needs.
Reach out to us today at 512-994-0894 for more information and help with condo insurance. We will help you get the right coverage!