CONDO INSURANCE

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Condo Insurance or Dwelling Insurance policies cover betterments and improvements. This includes anything that improves the structure beyond the bare concrete box, for example, countertops, cabinets, flooring and personal liability coverage and temporary living expenses in the event of a covered loss.

Who needs Condo Insurance?

With a condo, you own everything from the walls inwards. The condo association covers the structure itself but not the containments of the dwelling. If you have made relevant improvements to the building and want to protect those fixtures attached, you may want and need Condo Insurance.

 

STANDARD COVERAGES

Personal Property

Personal Property covers just about all of your stuff if it's damaged or stolen. This can include furniture, clothes, tools, bicycles, electronics, and more. Your belongings are even covered if they're not stored in your home (sheds, garages, your car, etc.). You're covered from fires, weather damage, power surges, theft/vandalism, water damage and more.

Example: Someone breaks into your condo and steals your phone, clothes and tools. Your insurance will cover these, but there may be some limitations on expensive items.

Loss of Use

Progressive will never leave you homeless! If your condo is damaged, Loss of Use covers hotel, rent and food expenses above what you'd typically pay.

Example: There's a fire in your condo, and you can't stay there for two weeks. Your rent/hotel expenses and meal expenses above what you usually spend will be covered.

Personal Liability 

If someone sues you or a family member you live with (for injuries or damage to their property), Personal Liability coverage applies. Liability will then cover your lawyer, court fees, and certain damages you have to pay, subject to your policy.

Example: A delivery person falls on your front steps and sues you for their medical bills, lost wages, and damaged merchandise. Or, your child spray paints your neighbor's garage and they sue you. Personal liability covers all of those instances.

Medical Payments

Medical Payments coverage pays for medical bills if someone else is hurt at your condo or the property around it. If someone is injured in a common area, your association's insurance should instead cover that.

Example: Your child's friend breaks his leg at your condo, and their parents ask you to pay the medical bill. Your medical payments will then cover the costs.

Water Back-Up

Some condos have sump pumps in the basement or crawl space. Sump pumps pump water out from underneath and around the foundation. Sump pumps or plumbing/sewer systems can get backed up. If that happens, water can flood back into your condo, creating an expensive mess. Water Back-Up will then pay for damage to your belongings and water removal. It's best to check with your condo association to see if they cover this or not, as that can vary.

Example: The sump pump in your condo's basement breaks down, and water floods your basement, damaging carpet, furniture, clothes, a TV, washer, dryer, etc. Water Back-Up then pays for the water removal and the damage to your belongings.

Personal Injury

Personal Injury Coverage pays for legal fees and damages from:

  • Slander or libel lawsuits (something you say/write that damages a person's reputation or business)

  • False arrest, detention or imprisonment

  • Wrongful eviction

  • Lawsuits against you, such as wrongful entry or malicious prosecution

Example: Your teenage child damages their teacher's reputation by posting something online. So, the teacher decides to sue you. Personal injury can then cover a lawyer, your court fees and any damages you need to pay, subject to your policy.

DISCOUNTS

Bundle Condo + Auto

Combine Condo + Auto and you can save an average of 4% (savings applied on your Auto policy). You can also combine many other policies, including Condo and Motorcycle, Condo and Boat, Auto and RV, etc. You might get extra discounts on each. See more on bundling insurance. 

Pay in Full

This is an easy discount anyone can earn. Just pay for your Condo Insurance policy in full and upfront and we'll add this discount.

Alarm Systems and Safety Devices

If you have fire alarms, burglar alarms or automatic sprinklers in your condo, you may get extra discounts.

New Condo Purchase

You could get extra discounts if you're purchasing a new condo (doesn't have to be newly built) or if you're switching from Renters to a Condo policy (doesn't have to be a Progressive Renters policy). Bonus discount: You may even get an extra discount for the age of your condo.

Single Deductible

If you bundle Condo and Auto, and one incident/claim applies to both, you only have to pay one deductible. If you have Condo and Auto policies from separate companies, you'd have to pay two deductibles. This benefit is only available with ASI Condo Insurance. ASI is one of our network insurance companies.

Example: Someone breaks your rear window of your car and steals your belongings inside. Your Auto Policy covers the damaged glass and your Condo Policy covers your belongings. If you bundle and have a $500 deductible for each policy, you only have to pay one of those deductibles. With separate policies, you'd pay $1,000 in deductibles.

 

Call us today and let us help you find the right insurance plan for you and all your assets.