Condo Insurance

How do you know you’re getting the best protection without paying too much for your condo insurance?

Without enough protection, you could expose yourself to great personal risk. Condo insurance is complicated. It’s different than homeowners and renters insurance.

What Makes Condo Insurance Different?

When you buy a condo, you usually automatically become part of a condo association. In fact, you'll pay a monthly assessment for that. That fee funds care of the common grounds of the association (You won't have to mow the lawn, landscape or shovel snow!).

In addition to the common grounds (walkways, lobby, hallways, etc.) the cost of caring for the outside of the condo structure itself is part of the assessment you pay. A portion of that expense is insurance. But please note, your association provides insurance for the exterior part of the structure only! All of the interior including drywall, flooring and cabinets will most likely be your responsibility in case of damage.

Furniture, electronics and all your other personal possessions will also be your responsibility to protect.

In addition, you may be held liable if anyone gets injured while in your home or if something you do results in damage to the common areas.

Five Questions to Ask About Condo Insurance

Armed with this knowledge, discuss these questions with your Robertson Insurance & Risk Management Insurance agent:

• What does my association insurance cover and not cover?
• What remains for me to insure?
• How much would it cost to repair the inside of my condo?
• How much would it cost to replace my belonging?
• What protection do I need against liability claims?

Thorough discussion and answers to these questions with the experts at Robertson Insurance & Risk Management Insurance will provide you with the sublime peace of mind that is the heart of all good insurance coverage.

You and your Robertson Insurance & Risk Management Insurance agent will consider these five main coverages:

1.) Condo Liability Coverage

It’s a cliche to say accidents happen, but it's genius to have prepared for them ahead of time with the proper amount of liability protection.

This coverage will protect you if you or any other named insured are found legally responsible for any injury or property damage on or away from your property. It includes:

• Compensation for the injured party
• The cost of your defense
• Most court awards

The coverage is good up to the policy limits. So, make sure, especially if you possess significant assets, you're completely protected.

2.) Property Protection

You will be responsible for the interior of your unit. This will include cabinets, appliances, and light fixtures—everything inside your home.

In some cases, your total property limit may be enough to adequately insure what you own. However, if you have possessions in other property categories, your coverage may be limited. For example check the coverage limits on:

• Money
• Business samples or other property used for business
• Computers
• Trading cards
• Watercraft
• Jewelry
• Firearms

Many condo minimum property insurance limits are $25,000. Carefully discuss your property situation with your Robertson Insurance & Risk Management Insurance pro. Make sure you have the protection you need.

3.) Guest Medical Protection

It doesn't matter whether or not you're held responsible for an accident that occurs in your home. This coverage will provide payments for reasonable medical expenses for the injured party up to the policy limit no matter who caused the accident.

4.) Additional Living Expenses

If a covered loss (fire, lightning, smoke, etc.) causes you to have to vacate your condo because it's uninhabitable, this will cover expenses associated with living elsewhere. For example, it will pay your hotel bill, food and other reasonable charges.

5.) Loss Assessment Coverage

You are paying a monthly assessment to live in your condominium community. If your association decides to assess a special levy because of certain losses to your condo complex, this coverage will pay your portion up to the coverage limit (usually $1000).

Condo Insurance and Robertson Insurance & Risk Management Insurance

In his book, Outliers, Malcolm Gladwell suggests that it takes 10,000 hours of practice to become an expert. Robertson Insurance & Risk Management has been providing condo insurance for the citizens of Pennsylvania for years. We have spent the time needed to fully understand Condo Insurance so that you can rest assured, your needs will be taken care of!

Not only are we seasoned pros but we will listen to make sure we fully understand your needs—even during those times when you're uncertain. This bit of light is what distinguishes Robertson Insurance & Risk Management Insurance. Are you ready to protect yourself with the pros?

Contact us today 717-625-3770 to discuss your condo insurance needs.