Unlike homeownership, having a condominium means you and your neighbors have a collective interest in the building and common areas you share. On the flipside, the condo life is different than apartment living because you alone are responsible for your condo unit and its contents. When it comes to insurance, you need coverage that is as unique as your home is. Condo insurance is coverage exclusively designed to meet the needs of condo owners.
What is the worst that could happen? At Stauffer-Klug Insurance, we know that life can happen in a moment’s notice. Condo owners may find themselves filing claims for a wide range of expenses. Typically, coverage includes protection against fire, smoke, explosions, wind, hail, falling objects, theft, and vandalism, as well as some types of water damage. It can also provide liability protection if you are sued.
Examples of scenarios that might be covered by your condo insurance include:
- Your condo is burglarized while you are out of town
- Your condo and its contents suffer smoke damage after a neighbor’s unit catches fire
- The hot water system ruptures, causing your condo to flood
- A crane falls on your building, causing severe structural damage and displacing you from your home
Types of Wisconsin Condo Insurance
Condo Unit Coverage
Your condo’s primary structure is covered by your master condo association. However, you could be responsible for any damages that occur to its internal fixtures, improvements and appliances. Your condo insurance should include coverage for these components if they are damaged or destroyed due to a covered event.
Personal Property Protection
Chances are your personal possessions are worth a lot more than you may think. From furniture and linens to your wardrobe and décor, replacing all of your Earthly belongings could really break the bank.
Living Expenses Coverage
When your condo is too badly damaged to live in, you may be forced to find temporary housing. Living expenses coverage helps pay for your hotel and restaurant bills when your condo is uninhabitable due to a covered event.
Part of the dues you pay to your condo association help cover the cost of a master condo insurance plan that helps protect the structure of your building and its common areas, such as hallways, parking, pools, elevators and more. Any costs not covered by the master plan are passed onto owners in the form of assessments. That means that if a lawsuit is brought against the condo association and the judgment exceeds the liability limits on the master policy, any remaining cost could be divided among unit owners. If your condo insurance includes loss assessment coverage, you could be protected against these unexpected costs.
Liability and Medical Payments Coverage
Accidents can happen to anyone, anywhere. If someone slips and falls on your property or your dog bites another dog at the pet park, your personal liability insurance can help cover the medical bills and other related costs. It can also help pay your legal bills if you are sued as the result of an accident caused by you, your child, or your pet.
Wisconsin Condo Insurance Quotes
If you are in the market for condo insurance in Wisconsin, we here at Stauffer-Klug Insurance have coverage that protects against the what-ifs in life. We can help you evaluate your risk exposure and find a policy suitable for your needs. Contact us to request your free condo insurance quote and find out how we can save you money by comparing rates and shopping for discounts. Call us today. We look forward to serving you soon.