Every time someone else shovels the snow, makes a repair, or polishes the landscaping, you remember again why condo living is the life for you. Your association fees pay for much of the upkeep of your property, as well as coverage against many risks that could threaten the external structure of your unit and the potential for liability due to incidents occurring in shared community areas. However, the condo association’s master insurance policy is not enough to safeguard you against all risk exposures. From the internal structure and finishes in your condo to your personal belongings and the risk of personal liability, make sure you have a private condo insurance policy from Burstad Insurance that minimizes your vulnerability and risk of loss.
Private Condo Insurance vs. Association Insurance
You do not need to choose between private insurance and association coverage as a condo owner. Instead, the two are designed to work together to provide you with full coverage against potential losses. Member dues cover the condo association’s master policy premiums. This policy covers the shared areas among property owners, as well as the external structures of the individual condo units. Some may also extend coverage to certain interior fixtures and structures, too.
Private condo insurance is designed to pick up where the master policy leaves off, covering everything else you own against damage and loss. Generally, a private insurance policy will cover internal structures and finishes, such as the inside walls, drywall, cabinetry, trim, built-ins, countertops, light fixtures, flooring, and more. It also covers the things you own inside your condo, as well as your added living expenses due to temporary displacement. In addition, a private condo insurance policy can cover your financial responsibilities and costs in relation to third-party accusations of liability.
Personalizing Your Condo Insurance
Wisconsin condo insurance can be personalized to fit your individual needs. A typical policy provides coverage against several different types of risk, although you may be able to purchase additional coverages and endorsements to expand your protection. Your condo insurance may include protection for:
- Fire and smoke
- Explosions
- Hail
- Wind
- Lightning
- Theft
- Vandalism
- And more
Types of Condo Insurance Coverage
At Burstad Insurance, our independent agents get to know you and your unique risks. We work to protect your physical and financial assets against a wide range potential losses by customizing your policy to include several different types of coverage, some of which may include:
Structural Coverage
Your personal condo insurance policy should include structural coverage that pays for the rebuilding or restoration of the inside of your condo unit. Depending on the coverage in the association’s master policy, this may include finishes and fixtures, or it could include the entirety of your condo’s interior. It is important to work with an independent agent when selecting your structural coverage to ensure you have no gaps in your protection.
Personal Property Coverage
The things you own are probably worth tens of thousands of dollars cumulatively. From your bedding and mattress to your electronics, furniture, apparel, and décor, personal property coverage helps minimize your financial losses when you lose these items due to a covered event. We recommend using a home inventory to assess your coverage needs when purchasing your policy.
Talk to your agent about the difference in actual cash value (ACV) and replacement value coverages. ACV coverage compensates you based on the depreciated value of your items only, minus your deductible. Replacement value coverage, on the other hand, pays for the full cost of replacing your items with new ones, minus your deductible.
Endorsements and Scheduled Coverage
You can personalize your coverage to include additional protections that may otherwise be excluded from a standard condo insurance policy. This may include coverage that extends to damages caused by earthquakes or water and sewer backup. We can also schedule excess personal property coverage for high-value items and collections that may be subject to limited coverage in your standard policy.
Displacement Coverage
Sometimes it is not possible to remain in your condo after it is damaged. If you need to find alternative housing during the repair process, your condo insurance can help cover your additional living expenses. This may include compensation for things like hotel fees, laundromat charges, and the cost to order take-out if you do not have access to your kitchen.
Liability Coverage
Liability insurance is an important part of condo insurance, as it protects policy-holders against the financial costs associated with litigation. Though certain events such as car accidents are excluded, condo-owners liability insurance generally includes coverage for most claims of negligence that result in third-party injuries or property damages. It is important to choose high liability limits when possible, as this coverage helps pay for your legal defense fees, as well as judgments against you and settlements outside of court. If you have too little liability coverage to meet your needs, you may have to pay for the excess damages out-of-pocket.
Medical Payments
If someone is injured while visiting your condo, medical payments coverage can help pay for their necessary medical care up to the limits of your coverage. This section of your policy is no-fault coverage, meaning an injured third-party can receive compensation regardless of who was at fault for the incident.
Loss Assessments
Condo owners sometimes face unique liabilities and property damage expenses called ‘loss assessments’. These are leveraged against members of a condo association when the master policy provides too little coverage to pay for community damages and liability. With loss assessment coverage, you can protect yourself against unexpected costs arising from covered events.
Request Your Free Wisconsin Condo Insurance Quote
If you own a condo in Central or Western Wisconsin, Burstad Insurance has a convenient location near you where an independent agent can assist you with your coverage needs. Contact our office to find out more about Wisconsin condo insurance and how we can help you save. Request your free quote today. We look forward to serving you soon.
