Homeowners insurance is one of those things that you hope you never have to use but are glad to have if you ever need it. If you own a condo in Wheat Ridge, CO, you may need a policy specific to your home.
What is Condo Insurance?
Condo insurance is a type of homeowners insurance specifically designed for condo owners. Like regular homeowners insurance, condo insurance covers your personal belongings and provides liability coverage if someone is injured while on your property. Your CO Insurance Specialist will be able to help you determine the amount of coverage you need based on the value of your belongings and the size of your condo.
Do You Need Condo Insurance?
Whether or not you need condo insurance in Colorado depends on several factors. First, check with your mortgage lender to see if they require you to carry condo insurance. Even if they don’t need it, it’s still a good idea to have it in case something happens to your unit or personal belongings.
Some HOAs have "blanket" policies that cover all units in the building for certain types of damage (like fire). However, each unit owner is still responsible for their own personal belongings and liability coverage. Additionally, check with your HOA to see what type of coverage they carry and what, if any, deductibles apply.
What Does Condo Insurance Cover?
Condo insurance policies vary depending on the insurer. However, most policies will cover your personal belongings (up to a certain amount), any damage to your unit caused by a covered event (like fire or wind damage), and your liability if someone is injured while on your property.
So if you’re a Wheat Ridge, CO condominium owner, call CO Insurance Specialist today to get a quote for our comprehensive condo insurance policy!