Few places offer the same ownership and freedom as a condominium. When you own a condo, you enjoy the benefits of ownership with fewer of the maintenance and upkeep requirements that other homeowners must deal with. Though your needs are different, and your condo association likely takes care of many responsibilities, you still face many risks. At Giuffre Insurance, our job is to help you figure out where the responsibilities of your condo association end and yours begin. This allows us to help you create a comprehensive insurance policy that meets your needs without shortfalls and gaps in your coverage.
As an independent agency, we offer you the benefit of choice. We can help you choose condo insurance from one of several Wisconsin carriers depending on your unique risk vulnerabilities. Although your coverage may vary depending on the details of your condo association’s master policy, your policy will likely include coverage for:
- Fire
- Smoke
- Theft
- Vandalism
- Explosions
- Lightning
- Falling Objects
- Wind
- And more
Note that condo insurance policies typically exclude coverage for certain types of hazards, such as earthquakes and floods. However, it is possible to protect your condo against these types of damages by talking with your agent about supplemental protection.
Types of Condo Insurance Coverage
When you purchase a condo insurance policy from Giuffre Insurance, you will have the opportunity to build a policy with multiple types of coverage, each of which offers different benefits and protection. These may include coverage for:
Structural Property Coverage
If your condo is damaged in a fire or some other covered event, this is the section of your policy that helps cover the cost of rebuilding it to its pre-fire specifications. We recognize that your condo association likely has a master insurance policy that pays for a portion of structural damages. However, this is typically limited to the common areas of your building and limited restoration of your unit. In some policies, this may include the exterior walls only, whereas others may extend coverage to interior walls and flooring as well. Our goal is to help you find condo insurance that compliments your association policy and sees you through the complete restoration of your unit, including the paint, fixtures, and more.
Personal Property Insurance
Personal property coverage is protection for your personal possessions. These are the things that go with you when you move, such as your apparel, décor, furniture, electronics, and other belongings. If your condo is burglarized or it burns in a fire, personal property insurance helps reimburse you for damage or loss of the things you own, up to the limits of your coverage.
To determine how much personal property protection you may need, first take inventory of your condo. List everything you own, room by room, and then calculate how much you might need to replace those items in the event of a total loss. Note that high-value items like jewelry and fine art may be subject to limitations on coverage. If the value of your expensive belongings exceeds those limits, we can help you schedule additional coverage to protect them.
Most standard condo insurance policies only cover the actual cash value of your personal belongings. That means you will be reimbursed for the depreciated value of your items minus your deductible. If you would instead prefer compensation for the full cost of replacing your damaged items, we recommend upgrading your protection to ‘replacement value’ coverage instead.
Liability Insurance
You are responsible for creating a safe space for your guests. If a child burns her hand on your hot stove or your pet bites a guest during a party, you could be sued for the damages. Liability insurance helps cover your legal costs, as well as judgments against you if you are found liable for the damages. It can also cover incidents you, your pet, or a member of your household is responsible for outside your home. For example, if your child accidentally knocks a child off the playground at school, liability insurance can cover damages up to the limits of your policy.
When selecting liability limits, we recommend choosing the highest limits you can reasonably afford, given that third-party bodily injury and property damage litigation expenses can total tens or even hundreds of thousands of dollars. With the right coverage, your condo insurance liability protection could safeguard you against a major financial loss that might otherwise threaten your financial solvency.
Medical Payments Coverage
Medical payments coverage is not liability protection, as there is no establishment of fault necessary to pay damages. Instead, it is a benefit that provides a moderate payment for necessary medical expenses of third-party individuals who are injured on your property, regardless of who caused the incident. In the case of minor to moderate injuries, this may be enough to cover emergency room co-payments or a health insurance deductible and potentially prevent a lawsuit. However, medical payments do not absolve you of potential liability, and you could still be sued for damages.
Temporary Living Expenses
If you need to find somewhere else to live after your condo is damaged or destroyed, this type of coverage can help pay for your temporary living expense while your home is repaired or rebuilt. This includes the cost of renting a hotel room or apartment, as well as other types of living expenses, such as laundromat fees.
Loss Assessments
As a member of your condo association, you likely share with other residents in the ownership and ultimate responsibility of your building. If a loss or lawsuit results in damages that exceed the limits of your association’s master insurance policy, a loss assessment could be levied against you for your share in the damages. Instead of paying out-of-pocket for these costs, loss assessment coverage can take care of the bill instead.
Wisconsin Condo Insurance Quotes
If you own or are planning to buy a condo in the greater Montello area, we here at Giuffre Insurance want to help you find the coverage you need at a competitive price you can afford. As an independent agency, we can shop around on your behalf, comparing coverage and rates from several of Wisconsin’s leading condo insurers. We can also show you how to further save on premiums with possible discounts that you may qualify for, such as:
- Multi-line coverage discounts
- Pay-in-full discounts
- Safety and security discounts
- And more
To find out more about Wisconsin condo insurance or to request your free quotes, contact our office today. We look forward to serving you soon.
