Condo Insurance

Cedar Rapids Condominium Insurance Quotes

The insurance needs of a condominium or town home owner is different than those of a single family homeowner. Many people don’t know exactly where their condo association’s coverage stops and their own condo insurance begins. To insure proper coverage provide your insurance agent with a copy of the governing rules of the condominium association. Condominium homeowners are responsible for their own personal property and liability coverage but you may also be responsible for rebuilding their unit’s interior, “from the studs in” in case of a loss. Therefore your building property (coverage A) limit needs to be enough to cover things like replacing kitchen cabinets, counter-tops, vanities, bathroom fixtures, flooring, window and wall coverings, lighting fixtures as well as building additions and alterations.

Another unique coverage of your condominium insurance policy is Loss Assessment (coverage D). Homeowners can be assessed for uncovered losses of their condominium association. For example if a court awards a huge judgment for a serious injury occurring on your common property and it exceeds the limits of the association’s policy, who pays for the excess? Each member gets a bill for their share of the uncovered loss. Without adequate loss assessment coverage, you may be paying for your assessment out of your pocket.

Contact Insurance Gurus LLC for a review of your condo policy for your Iowa home. We can provide you with a fast quote over the phone. Ask about special discounts for bundling your condo and auto insurance together. We’re the insurance shoppers!

How is a condo policy different from a homeowners policy?