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What Is Condo Owner’s Insurance?

Apartment BuildingCondo Owner’s Insurance Basics

Owning a condo is a great way to have a space of your own without all of the responsibilities of owning a house. While you still have to maintain your home, it allows you the freedom to not have to worry about taking care of a yard. Since owning a condo is slightly different that owning a house, different insurance is required to keep you and your home safe.

Condos are part of a larger association within the complex. The association that you belong to as a condo owner is responsible for taking care of all the common areas, such as a play area or recreational center. These associations also come with their own insurance protection, but the insurance that is provided by the association will only provide coverage for any incidents that happen in the common areas.

Investing in your own personal condo insurance coverage is the only way to ensure that your personal belongings and the interior of your condo are protected in case of any unfortunate event. When looking for the right condo insurance policy, there are a few questions to consider, including:

  • What areas are you responsible for? Investing in too much condo insurance for areas that are already covered by the association’s insurance can be a waste of money. Make sure to only invest in as much insurance as you need to save money.
  • What discounts can you qualify for? Many insurance providers will provide discounts if you bundle your condo insurance policy with other personal insurance policies, or if you have a security system installed in your condo.

For any of your condo unit owner’s insurance coverage needs and to ensure that you and your home have the right amount of protection, contact the insurance professionals at Humble & Davenport Insurance in Renton, Washington.