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Condo Insurance

Stearns Insurance CondoCondos, town-homes and row-houses all share common walls with the units next to them.  This makes condo insurance slightly different than standard homeowners insurance.  The condo association will, in many cases, have a master insurance policy on the larger building containing the smaller individual units.  These master policies will only cover the exterior structure of the condo such as external walls, siding, entry, patios, garages and certain utilities leading up to your utility meter.  The interior of your home, the rooms, flooring, cabinets, toilets, fixtures are not covered under this master policy.  As a homeowner it is your responsibility to have condo insurance to repair or replace items damaged during an incident.  To be sure you get the right coverage, call our insurance experts at (888) 214-7525 or request a quote online.

This coverage is called “walls-in” in the insurance industry.  The coverage will build the interior living area of your unit while the master policy will rebuild the main structure of the building and connections.  The condo insurance, in most cases, is cheaper than standard homeowner insurance for this very reason; it costs less to rebuild the interior of a home than the whole home.

Stearns Helpful Tip…
Most lenders like to see a Dwelling Structure Coverage A on condo insurance policies.  We find a good rule of thumb is the greater of 20% of the purchase price or $50,000.  You can of course go higher or lower with your personal coverage.

Stearns Condo InsuranceCondo insurance policies, called HO6 by insurance industry professionals, also come with contents coverage for your personal belongings.  If you were to imagine flipping your condo upside-down and shaking it, anything that falls out is your contents coverage.  Anything not bolted down otherwise hard-mounted to your walls, ceiling and floors would tumble out of the unit and be classified as personal property covered under your contents section.  Don’t underestimate your contents coverage amount.  Your belongings may be worth more than you can image.  A typical homeowner has $50,000-$75,000 worth of belongings including DVDs, pots & pans, clothing, electronics, cleaning supplies, food, bedding and decorations.  While you are on the phone with our condo insurance experts, be sure to give some good thought to how much you estimate your belongings to be worth if you had to replace them.  If you would like some help, give our experts a call at (888) 214-7525 or submit a request for a free no-obligation quote online.