Condo Insurance

February 09, 2020


If you own a condo, a great alternative to owning a home or renting an apartment, you should consider a specially designed condo renter’s policy. Lots of people who rent just don’t think about the necessity of insuring their belongings and it’s a shame because if there is a fire, or a break-in or a natural disaster of any kind that destroys the contents of the property, the renter is financially destroyed as well. The condo association carries insurance, but it covers the building and their liability, not you or your belongings. If disaster strikes you are on your own. For instance, if someone slips and falls on your wet kitchen floor, you will be liable for their medical bills, not the condo association. If a guest of yours causes damage to your condo you are responsible for the repairs, so you better be sure you are covered. Most condo policies cover damage from fire or lightning, windstorm, smoke, vandalism or malicious mischief, theft and, if you add it, accidental discharge of water.

You might really consider adding that last one, accidental discharge of water. I can tell you from personal experience that it is a good idea. I rented a home and had a renter’s policy that did not cover accidental discharge of water, I never even thought about or that it would not be covered. Then I had an incident that was just awful occur in the house I rented. The issue was water damage from a flood inside the home and my policy did not cover water damage! The landlord charged me $1500 to replace the carpet in a bedroom with laminate flooring. They did it in the most expensive way possible, even after I had taken up the soaking wet carpet and all of the carpet installation wood and tacks and cleaned the cement floor making it ready for the flooring. They would not let me do the work or have anyone I knew do the work unless that person was a licensed contractor. This was a small bedroom and should never have cost anywhere near that amount of money to do. Of course they charged me for the plumber’s time to come and determine that it must have been my fault. The more I thought about it the more I realized it could not have been my fault. They told me it was my washer which was pretty new and had never had any problems, then I realized the water was clear, no suds at all, so how could that be? So eventually we went to small claims court and I prevailed. Dodged a bullet, but my relationship with the landlord was completely damaged. I will never be without renter’s insurance again, but now I understand the importance of flood insurance as well!

Condo Insurance Quotes

When it comes to purchasing condo insurance rates can differ tremendously from one company to another. Because of this, I use an independent brokerage firm that does not have an allegiance to any one company and I get quotes from multiple insurance companies. Compare A Quote is just such a firm. Their professional, experienced agents do all the work of gathering quotes for me and I don’t have to do a thing except decide!

Condo Insurance Cost

Condo insurance is less expensive than homeowner’s insurance. Typically you will pay anywhere from $120 to $320 dollars annually for a condo depending on the level of coverage you choose and the features of the plan, like whether or not to include accidental discharge of water insurance. It is important to be sure about the value of your possessions, and a policy could be even more expensive if you have really valuable items like paintings, jewelry, furs, antiques, or anything else that requires a Scheduled Personal Property (SSP) policy.

Condo insurance is designed to minimize the risk of financial hardship in the event of any kind of accident occurring inside your walls. Compare A Quote agents will help you find the right policy to fit your needs and your budget. Take a few moments to simply fill out the attached form or call the number listed below today. Don’t stress over what could go wrong and leave you financially exposed, just sit back and relax, call Compare A Quote, and leave the rest to them!

Condo Insurance Quotes

When looking for house insurance quotes you can save time and money and get real answers by calling Compare A Quote today. We are independent brokers and we can give you the real answers to all your questions about house insurance quotes. Calling dozens of insurance companies for quotes to make sure you are getting the right kind of coverage can be a daunting task. Wouldn’t it be far easier to simply make one call to an independent broker who can assess the type of house insurance you need and secure multiple quotes from multiple insurance companies with just one call? You bet it would be. So do it now and we will find the best quality insurance for you at the most affordable cost.


    Leave a Reply