Are you contemplating buying a condominium but aren’t sure if you need condo insurance? While it’s not required by law in many states, most lenders or banks won’t give you a mortgage unless you provide proof you have insurance first.
Besides, having condo insurance can help protect your personal belongings inside your home and provide personal liability protection should any accidents occur to people or property caused by you, a member of your family or your pets.
Doesn’t my condo association have insurance?
Your condo association most likely has their own coverage but their insurance probably covers the building(s) and commonly owned property. The association’s insurance would not cover incidents that happen inside your condo like water damage or a guest falling and getting hurt.
What does condo insurance cover?
With MAPFRE, the Unit-Owners policy generally covers fixtures, alterations, additions, structures owned by the insured; personal property; additional living and loss of rent. Every circumstance is unique, but these are generally what would be covered by your condo insurance policy.
What wouldn’t typically be covered by your condo insurance policy?
- General wear and tear
- Damage from lack of maintenance
- Damage caused by remodeling your home
- Flood damage and earthquake damage typically aren’t covered
How much condo insurance do I need and how much does it cost?
Your Independent Agent can help you decide what is specifically covered and what is not, therefore determining how much insurance you need. Those factors would help determine how much you pay for your policy in addition to things like geographic location, how old your property is and what the structure is made of and how much your deductible is. You may also need additional coverage for your more valuable personal possessions like jewelry as there are limits to what is covered under your standard condo insurance policy. You can always ask your Independent Agent about an endorsement for high value property.
If you live in Massachusetts, make sure you have the right coverage for your condo by getting a fast, free quote today from MAPFRE! If you live in another state, you can contact your Independent Agent to get a quote or if you already have condo insurance and just want to make changes to your existing policy, feel free to reach out to your Independent Agent.