Your shiny condominium came with a view, free maintenance, and all the amenities you could hope for in a home. You may even consider your condo fees a small price to pay for the lifestyle you enjoy. Knowing that your condo association has a master insurance policy gives you peace of mind. After all, it covers you against anything that could threaten your way of life, right? Think again.
The truth is your condo association’s master policy likely only covers the structure of your unit – not its contents. That means that if a fire destroys your building, the master policy pays to rebuild your condo and make it as good as new. Unfortunately, that is where the coverage stops. In most cases, a master condo association policy will do nothing to revive the inside of your condo to what it once was. Replacing your personal belongings and the aesthetics of your unit is up to you.
Condo Insurance in Minnesota
Condo insurance is a unique type of coverage that is designed to fit the unique needs of a condo owner. Policy holders typically choose a level of coverage and then select a deductible. The deductible is the amount of money a condo owner pays out of pocket before the policy will cover a claim. Though every insurer is different, deductibles typically range between $500 and $2,500, with higher deductibles resulting in lower premiums.
Condo insurance typically includes a wide range of coverage types, including:
Personal Property Coverage
Your personal property coverage protects the things you own when they are damaged or destroyed by a covered event. Often, this is anything that is not attached to the building, such as your computer, bicycle, furniture, and wardrobe. However, you may also need coverage for cabinets, countertops, flooring and other built-in features if they are not covered by your condo association’s policy. In addition, you may need to include a policy rider for any high-value belongings kept in your condo.
Loss of Use and Living Expenses
It could take many months to repair or rebuild your condo unit if it is damaged or destroyed. Where would you live if you were displaced? Condo insurance can help pay for your living expenses while your unit is being repaired. Often, this includes the cost of lodging, as well as meals if you are unable to prepare meals at your temporary residence.
As a condo owner, you share responsibility for the upkeep of the building and common areas with other owners. When a major expense arises, you may be billed for part of the costs. Your condo insurance can help cover these assessments, allowing you to keep more money in your pocket.
Liability insurance could save you thousands of dollars if you cause damage to someone else’s property. It could also help pay the medical bills of other people if they are injured on your property.
Whether your condo is anchored in the beautiful Loring Park neighborhood or the ritzy uptown area, we can help you find insurance that meets your needs. We here at Pentagon Insurance can help you evaluate your coverage needs and pick up where your condo association’s insurance leaves off.
For more information about Minneapolis/St. Paul condo insurance or to request your free quote, contact our office today.