Condo insurance, also known as condominium insurance, is an insurance policy that combines your personal property and liability insurance into one insurance policy. If you make any improvements or additions to your condo that abide by your condo association agreement, these alterations will also be covered by your condo insurance. Alliance Insurance of the Rockies can also help you add loss assessment coverage to your policy, which protects you in case you’re found to be responsible for a portion of damage in a shared space. Your condo association should have its own insurance policy, also referred to as a master insurance policy. Whenever deciding what to include in your personal condo insurance policy, make sure you understand what’s already included in the master policy.
When you own a condo, it’s important to have a condo insurance policy in place to protect you and your belongings. While you have the ability to personalize your condo insurance policy so it serves you best, there are four main areas that the majority of condo insurance policies cover. These areas of coverage are:
Usually, condo insurance policies don’t offer much protection for home businesses. At most, they offer limited coverage such as replacing your computer in the event of a covered loss. If you feel you need more comprehensive coverage for your home business, our insurance experts can help you explore your options. should match this.
Every policy is unique. Most condo insurance policies will automatically notify you when it’s time for renewal, but you must remain eligible in order to qualify for renewal. It’s crucial to speak with one of our representatives annually to review your current insurance policies and discuss if you want to renew or make changes.
Theft would be covered under personal property coverage in your condo insurance policy.
You cannot deduct condo insurance on your taxes. If you work from home or run a home business, however, you should be able to deduct a portion of your condo insurance from your taxes.
Unfortunately, most insurance companies exempt mold from their condo insurance coverage.
The insurance experts at Alliance Insurance of the Rockies will work closely with you to help you decide how much much condo insurance coverage you should get. We take into consideration a rough estimate of your belongings and if you have any valuable items.
When you own a condo, it’s crucial to have a condo insurance policy that protects you against unforeseen circumstances and disasters. Alliance Insurance of the Rockies has over 25 years of experience, and we are passionate about helping the residents of Colorado Springs find insurance policies that protect them as much as possible. If you want to learn more about your condo insurance options, please fill out the form to the right and an insurance expert from our team will contact you shortly.