Condo Insurance in Indiana
If you are in the market for condo insurance, you should be fully aware of what it covers. We offer condo insurance here at IAL Insurance in Indianapolis, IN. Whether you own or rent a condo, insurance will cover you for loss or damage to your condo or personal belongings. Additionally, it is crucial to understand what your condo association’s insurance policy covers so you know what type of coverage to purchase for yourself.
Condo Insurance Requirements
Condo insurance is not mandatory in the state of Indiana. However, your lender may require you to obtain condo insurance when you obtain your mortgage. Ask about the other states we service and if it is required.
Condo Insurance Coverage
Here is what you can expect from condo insurance coverage:
- Personal liability- If someone is injured while visiting your condo, this will cover your visitor’s medical expenses and legal fees if you are liable for the accident.
- Personal property- Your belongings, including furniture, clothing, appliances, and electronics, are covered under this policy if they become damaged or stolen. This will help cover the cost of repairing or replacing them.
- Building property- This coverage will pay for repairing damage to the walls in your unit, including the interior. This coverage also includes fixtures and bookcases that are built-in to your unit if damage occurs.
- Loss assessment- This would cover your share if your condo association were to issue a special assessment. For example, if a fire causes damage to the common area, this will cover your portion of the bill.
- Guest medical coverage- If a visitor becomes injured in your home, even if you are not at fault, this will cover their medical expenses.
To obtain condo insurance, please give us a call here at IAL Insurance. We are located in Indianapolis, IN.