Select a product to get a quote. Register new account Pay your bill. Get your ID cards. Updated: March Condo insurance is a policy that is purchased by the owner of a condo unit.
Get the protection you need and the peace of mind you deserve with Allstate insurance. Get a quote Find an agent. Here's a look at how these coverages work: Personal Liability Coverage If someone is accidentally injured while visiting your condo and you are at fault, this coverage may help you pay for related legal expenses or your guest's resulting medical bills.
For instance: Loss Assessment Coverage If your condo association issues a special assessment, in some cases this coverage may help cover your share. This content is for informational purposes only and may not be applicable to all situations. Coverage subject to terms, conditions, and availability. Policy issuance is subject to qualifications.
Connect With Us. Update Below. ZIP Code. City, State Set Your Location. You have entered an invalid ZIP. Please try again. Location data not available. Show More. Key takeaways. Personal property. Nerdy tip: There are two types of personal property coverage.
Additional living expenses or loss of use. Liability and medical payments. Dwelling or building property coverage. Loss assessment. Usually covered. Usually not covered. Fire and smoke. Wind and hail. Intentional injuries to others.
Nuclear hazards. Wear and tear. Burst pipe. Replacement cost coverage for personal property. Scheduled personal property. Water backup coverage. Vacant or unoccupied condo insurance. Identity theft coverage. Average annual premium. New Hampshire. New Jersey. New Mexico. New York. North Carolina. Amica condo insurance policyholders can also add identity fraud coverage, which can reimburse you for fraudulent credit card charges and identity restoration expenses.
When homeowners associations file an HOA claim, condo owners may have to foot the bill to pay the deductible. With loss assessment coverage, your condo policy will have you covered. If the HOA policy provides little or no coverage for your unit, estimate how much it will cost to replace structural items such as built-in appliances, flooring, kitchen cabinets, lighting fixtures, plumbing fixtures and wall coverings.
Also, take an inventory of your personal belongings, including artwork, clothing, electronics and furniture. The sum of all your property values will determine the amount of personal property coverage you need. Most standard condo policies only pay actual cash value for personal property and set limits on how much they will pay for certain types of items. Purchasing replacement cost coverage and additional coverage for your most expensive belongings can pay off if you need to file a claim.
Determining the amount of liability coverage you need is more subjective. If you like to entertain guests or have kids that enjoy hosting sleepovers, you might need to increase your liability coverage. Before purchasing a condo insurance policy:. Like homeowners insurance, purchasing condo insurance makes financial sense. If you live in an area prone to natural disasters, you may need to buy additional coverages like earthquake or flood insurance.
Choosing the best condo insurance company requires research. To start, turn to trusted sources, like the annual J. Power U. Home Insurance Study , which rates and ranks insurers based on customer support, claims handling, price and policy offerings. Michael is an insurance writer for Coverage.
There are a lot of terms that are used in insurance that you might not be familiar with. Visit our helpful glossary that explains what these frequently used terms really mean. Your location is just one of the factors that can determine your premium.
Things like the value of your personal belongings and past claim history can also shape the cost of your insurance. Loss Assessment coverage is an important feature of condo insurance because you share in the responsibility with the other condo owners for the condominium building and common areas. That means that if there is a special assessment an added fee that is on top of your monthly condo fees levied on your condominium building, all the condo owners must split the cost of the assessment.
For example, if a common area such as a parking garage is damaged due to flooding. Whether your belongings are stored in your condo unit or another part of the building like a storage locker , your valuables are protected with condo insurance. Getting started is easy.
0コメント