Not much beats the condo life. You get the benefits of ownership with the low maintenance lifestyle of renting. Whether you are about to close on your very first property or have owned your condo for many years, having the right insurance is crucial to protecting your investment, belongings, and income. At Krog Insurance, we help you shop and compare condo coverage from multiple Minnesota insurance companies to find a policy that is personally tailored to meet your needs.
What Could Go Wrong?
A lot can happen without a moment’s notice. You could lose your condo in a fire, come home from vacation to find you’ve been burglarized, or get served with a lawsuit after your dog bites one of your neighbors. In any of these scenarios, having the right types of condo insurance coverage could mean the difference between continuing with life as usual or otherwise facing
Understanding Your Condo Association’s Master Policy
When you share a building with other condo owners, you also share responsibility for the structure of that building and its public spaces, such as the pool or lobby. As a member of your condo association, you pay dues that help pay for a master insurance policy to cover damages and liabilities pertaining to shared spaces. It is important that you fully understand the details of that coverage before you start shopping for your own private coverage.
Typically, the master policy pays for things like the reconstruction or repair of the building you live in and the rebuilding of the exterior walls of your condo unit. Some policies also cover certain interior features, such as walls and flooring. Everything not covered in the master policy, however, is your responsibility to insure with private condo insurance. At Krog Insurance, we help condo owners like you determine where their master coverage leaves off so it is easier to determine where private coverage should begin.
Types of Condo Insurance Protection
Your condo insurance should serve your needs without leaving coverage gaps that could leave you vulnerable to risk. While the details of Minnesota condo insurance can vary from carrier to carrier, a typical policy includes protection for:
Structural Property Coverage
Structural property coverage is meant to finish out the inside of your condo to like-new condition after a covered loss. This coverage can pay to replace your flooring, cabinetry, countertops, moldings, light fixtures, and more.
Personal Property Insurance
Your personal property coverage is the part of your policy that outlines protection for the things you own. These are the things that you would take with you when you move, such as your furniture, kitchenware, electronics, décor, clothing, sporting goods, and more. It can also extend to high value items like jewelry, furs, and firearms, but coverage for these types of items is often capped by ‘special coverage’ limits. If your valuable belongings are worth more than your coverage caps, talk to an agent about scheduling additional protection within your policy.
When you choose your personal property coverage limits, be sure to choose an amount based upon an actual inventory of your home. Then, consider whether you prefer actual cash value (ACV) coverage for your items, which compensates you only for the depreciated value of your items, or if you want full replacement value coverage, which pays for the cost of replacing your belongings with brand new ones.
Liability is an important part of your condo insurance, as it helps safeguard your finances against expensive litigation. This type of coverage helps pay for your court costs and legal fees if you are sued, as well as any judgments against you if you are determined at-fault for a third-party’s bodily injuries or property damages.
In most cases, liability protection extends to all members of your household, including your pet, wherever you may go. That means you should be protected up to the limits in your policy for accidents occurring in your condo, as well as non-collision injuries or property damage you are responsible for causing away from home.
Medical Payments Coverage
Unlike liability protection, which pays for damages when you are at fault, medical payments coverage pays third-party medical benefits regardless of who caused the injury. This coverage is designed to pay for limited medical bills, such as an emergency room visit, when a guest is injured inside your condo. It does not absolve you of any liability, but it could help prevent litigation.
Temporary Living Expenses
You cannot imagine having to find somewhere else to live at a moment’s notice, but that is exactly what could happen if your condo is destroyed by a fire or some other unexpected event. Condo insurance helps pay for the excess living expenses associated with temporary relocation while you wait for your condo to be restored.
A loss assessment is shared financial responsibility among the members of a condo association for property damages and liability expenses that exceed the coverage of the condo association’s master policy. If a loss assessment is levied against you, the coverage in your private condo insurance policy can help alleviate the financial burden.
Condo Insurance Quotes in St. Paul and Virginia, Minnesota
At Krog Insurance, we know how important it is to get your condo insurance coverage right the first time. We offer personalized consultations to help you determine what your risk exposures may be and how you can build a policy that better protects you against them. We are committed to your best interests, searching multiple carriers to find competitive rates on the coverage you need. We can also show you how you may be able to qualify for extra savings on your insurance, with discounts for installing a home security system, remaining claims-free, and combining your condo insurance with auto coverage as well.
For more information about Minnesota condo insurance or to request your free quote, contact our office today.