Condo Insurance

Condo Insurance

Your condo insurance policy is unique to you as a unit owner with your contents and improvements. It is also unique in that it works hand in hand with the association’s master policy, often picking up where each other leaves off.

Know Your Condo Insurance Coverage
What can my Condo Insurance cover?
  • Dwelling Coverage (typically from the walls in)
  • Contents Coverage
  • Loss of Use
  • Personal Liability
  • Water / Sewer backup*
  • Loss Assessment*
  • Valuable items (jewelry, art, collectables)*
  • * Coverage available by endorsement
What is likely excluded from my Condo Insurance?
  • Dwelling Coverage (typically from the walls in)
  • Contents Coverage
  • Loss of Use
  • Personal Liability
  • Water / Sewer backup*
  • Loss Assessment*
  • Valuable items (jewelry, art, collectables)*
  • * Coverage available by endorsement
Content is for educational purposes only and is not an offer of coverage. Please read and understand your specific policy coverage and exclusions.

Insurance Tips

What to consider when selecting your coverage.

  • Alert your agent if your condo becomes vacant or is rented to tenants.
  • Provide a copy of the association’s master policy for review at quoting time and with each renewal. Associations can change their insurance coverage and create a gap.
  • Consider water & sewer backup and loss assessment coverage.
  • Typically a lower deductible won’t cost much more.

See Our Condo Insurance Coverage Guide

Just because you don't have to mow the lawn or shovel any snow as a condo owner, doesn't mean your association has you covered. See our Condo Insurance Coverage Guide to get a better understanding of how an HO6 Condo insurance policy can protect you.
Condo Coverage Guide

Claims Story

Sara’s townhouse was damaged by a hailstorm. Roofers came to the development and fixed the roofs. Sara didn’t think anything of it. Three months later she gets a bill from her association for $3,700. This was her portion of the associations 1% wind & hail deductible. She selected loss assessment, so she ended up paying her $500 deductible instead of the full $3,700.

Lesson Learned

Some of the less understood and low cost endorsements can provide valuable coverage come claims time. Sara avoided a $3,700 financial loss by selecting a $9 coverage endorsement.

 

Condo Insurance Coverage's

Condominium insurance is unique. Your condo insurance policy covers your personal property and liability, as well as any additions, alterations and improvements you make to your unit that are your responsibility based on the condo association agreement.

Optional loss assessment coverage is also available to protect you against certain assessments that may be levied by the association. You would be compensated for additional living expenses incurred should you need to vacate your condo after a covered loss. Let us help you find the right amount of coverage to suit your insurance needs.

What you need to know about condo insurance:

Condo insurance provides coverage for your personal property and much more. For a few more dollars, you can elect to carry Full Value Personal Property which ensures that you are reimbursed full replacement value without regard for depreciation after a covered loss.

If you have upgraded cabinets or put in hardwood floors, condo building item coverage protects these investments. Be sure to consult your HOA agreement to determine what the Association policy covers and what you are responsible for. If common areas are damaged, your condo association may levy assessments against all the owners to pay the deductible on their association policy.
Various limits of loss assessment coverage are available. Be sure to consult the HOA agreement to determine the potential for such assessments. We can help you determine your coverage needs to make sure you’re properly covered.
Protect yourself and your guests
Your condo insurance policy protects you and your family members against bodily injury and property damage liability claims and any litigation that may result subject to the limits you select. In addition, you can select medical payments coverage which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available.
Extra coverage doesn’t have to cost a lot
Many people supplement their condo insurance coverage with personal umbrella liability insurance for broader protection. If you have special valuable items such as jewelry, art, antiques or collectibles, ask about our Valuable Articles option which provides broader coverage and no deductible in the event of a covered loss.
Find unique insurance that is right for your condo
Contact us to identify the best combination of coverage, value, and price for you. We can help make sure your condo insurance continually meets your needs

Why Choose Us?

We’ll require you to send us a copy of the association’s policy before we can finalize your quote. This is for your protection. We will write a policy that will work well with the association’s policy so you aren’t left with a gap come claims time.
Novallus Insurance Brokers is now Options Insurance. New Name, Same Team.
102 N Jonathan Blvd #210
Chaska, MN 55318
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