Condo Insurance
When you own a condominium you are held accountable and responsible for the contents inside. Protecting your home, and your possessions, requires a personal condo insurance policy.
Condo insurance is a specific coverage policy designed to fit the unique needs of condo owners. Many confuse condo insurance with a renter’s policy, because in fact both can offer personal property and liability protection; however, condo owners need to take into consideration the additional coverage that may be needed for the building based on their condominium association's overall master policy.
Typically your condo association will insure the building based on one of two approaches: bare walls or single entity:
A "bare walls" approach means that the association will insure only the building including walls, the roof, floors, elevators, etc. The association is not responsible for insuring anything inside your unit such as appliances, cabinets, carpeting, wallpaper, plumbing, electrical wiring, etc.
In comparison a “single entity" coverage plan means that your condo association will insure the building as well as particular fixtures inside of your unique unit including carpeting, cabinets and appliances. However, it’s important to remember that in both scenarios you are still left responsible for your own personal belongings and possessions.
So how do you determine the amount of coverage you need?
You’ve worked hard to create a safe, inviting home—and you’ve also worked hard for what’s inside. Whether it’s your new high-definition T.V. or a family heirloom passed down among generations, your possessions are valuable.
When considering the level of security you want to get from you Pennsylvania condo insurance, ask yourself:
- What is the association's responsible for insuring?
- What am I responsible for insuring?
- How much coverage do I need for my possessions?
- Do I have replacement cost or actual cash value coverage for my possessions?
- Are there policy limits for my valuables? Should I purchase more coverage for those items?
- Do I need earthquake or flood coverage for my unit or possessions?
- How much liability insurance do I need if someone is injured in my condo?
Thankfully, Arbor Insurance Group is here to help. We’ll take the time to help you determine exactly the amount of coverage you need, and will help to secure it at the most competitive rates available.
Interested in learning more? Contact Arbor Insurance Group today to discover your Pennsylvania condo insurance options.