While condo insurance is sometimes confused with your condo association’s insurance, they are two different things. The fees you pay to your condo association and the insurance the association obtains is intended to cover the common areas- outside of your individual condo unit.
Protecting the inside of your condo requires you to purchase a separate policy. However, your condo association’s policy can impact the type of coverage you need, and Great Michigan Insurance is here to help Michigan residents find the best coverage for their needs.
The most common condo insurance coverage includes:
Building Property Protection
This coverage may help cover damages to the interior of your condo, such as your walls and other permanent fixtures.
Personal Liability Coverage
If a guest is injured while in your condo and you are found at fault, personal liability coverage may help cover medical and other related expenses. There is also guest medical coverage, which might help cover costs related to a visitor’s injury even if you are not found to be responsible for said injury.
Personal Property Coverage
Personal property insurance is designed to cover damage and loss of your personal belongings, such as your clothes and appliances.
Umbrella Insurance
Sometimes standard, and even additional, coverage is just not enough. If your net worth is high or you feel that you need more coverage than what you currently have, consider an umbrella insurance policy.
Flood Insurance
Standard condo insurance does not usually cover flood damage, so this is one you would need to add on yourself. If you have a mortgage on your condo, there is a good chance that your lender will require you to get it, especially if you are in a flood zone.
If you own or are buying a condo in the Marshall, MI area, reach out to us at Great Michigan Insurance. We can help you get the coverage you need so you can focus on loving your home.
