Condominium Insurance

Condominium Insurance Choices from Tri-State Insurance Agency

The decision to purchase a condominium may come at different stages in life. While condos were once seen as the swinging bachelor pads of the ‘70s, today they are a popular choice for everyone from young couples just starting out to retirees who want freedom from exterior upkeep in their golden years. Wherever you are on that continuum, condominium insurance is there to protect your property, the contents inside it, and your financial assets as well.

Many people think that the homeowners association governing their condominium is responsible for maintaining insurance, and that is true—but only to a point. The typical HOA policy covers the exterior, meaning the outside walls of the various units and the common areas (think hallways and walkways, pools and spas, the workout room); in some cases, each unit’s built-in appliances, floors and ceilings are covered as well, but that’s the extent of it. However, all those expensive upgrades you make to your unit, even window coverings, would not be protected under the HOA’s policy—nor would any of your personal property in the unit, that bike on the balcony, or your liability in the event someone becomes injured while in your home.

Cover your condo to protect from life’s uncertainties.

Fortunately, condominium insurance is available to protect you from these risks and more. It offers protection for your personal belongings, such as your furniture, clothing, and other items. Personal liability is an important part of the coverage as well, protecting you from the costs of legal defense or damages in the event you are held responsible for causing bodily injury or property damage.

The uniqueness of condos is reflected in the coverage you can select. For example, if your unit becomes unlivable after it sustains major damage from a loss named in the policy, emergency expenses could be paid by the insurance. Or, say the HOA was held responsible for an extraordinary claim that exceeded the limits of its master policy, resulting in all the unit owners being assessed a fee to cover the additional amount. Your condominium insurance policy can offer you protection from that event.

Enjoy the pros of condo living but protect yourself in the process.

Throughout Pennsylvania, northern New Jersey, New York and surrounding environs, let Tri-State Insurance Agency serve as the go-to professional for your comprehensive personal insurance needs. For a free consultation and quote, we invite you to call us toll-free at 888.990.0526, email us or complete the form on this page.