As a condo owner, you live life between the lines. You are not a renter, yet you get to bypass or otherwise share some of the frustrating responsibilities of homeownership, such as lawn care and your building’s structural maintenance expenses. While you may be less vulnerable to sudden and unexpected damages or losses, you are still exposed to certain risks that could threaten your current and future finances. That is why you need condo insurance as unique as your lifestyle is, a custom-tailored policy designed to protect that which matters most to you.
Understanding the Role of Your Condo Association Coverage
Before you can select adequate coverage for your Green Bay area condo, you must first understand the responsibilities of your condo association as related to structural damages that occur to your building and unit. While condo association coverage can vary, chances are your community shares a policy that guarantees the structure of your unit – not the interior and its contents. Depending on your association’s coverage, this might even exclude protection for the interior walls of your unit and its permanent structures, such as cabinets and countertops.
What would happen if a fire-ravaged your neighbor’s unit, burning into your own condo before being extinguished? Not only is the wall of your unit destroyed, but you are faced with horrible smoke damage, irreparable damages to your hardwood floors, and an entire condo full of furniture, textiles, mattresses, and clothes that must be replaced. The costs quickly add up to thousands of dollars, with your condo association insurance covering only the rebuilding of your wall and ceiling. Could you afford the rest of the bills, not to mention your displacement costs during the repair and replacement stage?
Choosing the Right Condo Insurance
Your condo insurance should pick up where your condo association coverage leaves off to ensure you are adequately protected. A well-rounded policy will typically include:
- Damages to your personal belongings and furnishings
- Coverage for valuables
- Coverage for your unit’s internal structures and built-in appliances
- Losses shared among all owners in your condo association
- Liability when someone is injured on your property or as a result of the actions of your child or pet
- Relocation and living expenses when you are unable to safely live in your condo following a covered event
Since there are fewer risks associated with condo ownership than homeownership, premiums tend to be very affordable. However, the team here at Pagel & Associates Insurance will work hard to save you even more by comparing quotes on Green Bay condo insurance from several of the state’s leading insurance companies. We can help identify potential discounts you might qualify for, maximizing your savings on premiums. Customers may be able to save hundreds of dollars on condo coverage simply by taking advantage of certain available discounts. Examples include:
- Claims free discount
- Monitored alarm system discounts
- Interior water sprinkler discounts
- New construction discounts
- Bundling discounts (available when you combine multiple policies with the same provider)
If you own a condo in the Green Bay area, make sure your condo insurance is up to par. If you are in the market for a more complete policy, contact our team here at Pagel & Associates Insurance. As an independent insurance agency, we do not stop until we find coverage that fits your needs. Call today for your free quote. We look forward to serving you soon.