The keys to your condo provide you with exclusive benefits and an opportunity to live like no one else. You own your home with no strings attached, yet you do not have the responsibility of mowing, shoveling snow, replacing the roof, or keeping up with other major maintenance. It only makes sense that you would have insurance as unique as your condo is. At Wheaton Insurance, we help condo owners find affordable rates on the coverage needed to provide protection and peace of mind in your time of need.
Condo owners have unique dwelling insurance needs, in that most do not need coverage for the basic structure of their units. Condo associations collect fees to pay for a master insurance policy. This policy covers property damages and community liability claims, but it typically does not extend to the inside of individual condos. Instead, condo owners must purchase dwelling protection that helps pay for repairs or replacement of flooring, cabinetry, built-in features, and upgrades to the unit.
Personal Property Insurance
Your personal belongings are probably worth a lot more than you think. You can calculate the value of your personal property by taking a home inventory. Everything in your condo is at risk of loss, so it is important to include all personal belongings. The value of appliances, furniture, home décor, dishes, clothes, jewelry electronics, tech gadgets, weapons, tools, maintenance equipment, and fitness equipment can add up quickly. Standard homeowners insurance provides limited coverage for your belongings, although you may benefit from supplemental coverage for high-valued possessions, such as furs, firearms, and jewelry.
As a condo owner, you can be sued for nearly anything. Whether a house guest falls down your stairs, a flower pot damages a vehicle after falling from your balcony, or you run into a jogger while riding your bike, liability insurance can help cover the victim’s property losses and medical bills. It can also cover your legal defense fees and judgments against you up to the limits on your policy if you are served with a lawsuit.
Emergency Living Expenses
When your condo is severely damaged in a covered event, you may not be able to live in it until it is repaired. Emergency living expense coverage helps provide payment for your temporary living expenses, including your family’s lodging and meals.
As a condo owner, you are a part of a larger community of people who together are responsible for the upkeep and repairs of your building and community property. Though the association’s master insurance policy covers damage and liability claims, expenses that exceed the association’s coverage may be divided among the community members and levied against you in the form of an assessment. Your personal condo insurance can help provide some protection against expensive and unexpected condo association assessments.
Condo Insurance in Forest Lake, MN
If you own a condo in Forest Lake or the surrounding areas, you need insurance that meets your needs. At Wheaton Insurance, we know there is no such thing as one-size-fits-all coverage. Instead, you deserve individualized protection that is available when you work with an experienced, hometown agent. When you choose us, you benefit from an independent team of people who are looking out for your best interests.
We work for you – not an insurance company. Our job is to compare coverage from multiple insurers until we find you the condo insurance you need at a price that fits your budget. Why break the bank when shopping around could provide greater savings? Call us today to request your free condo insurance quote and speak with one of our trusted team members. We look forward to serving you soon.