Condominiums (condos) are ideal for those who enjoy being part of a community with shared property resources such as pools and activity rooms. Condos generally require considerably less upkeep, making them desirable for many people who seek low-maintenance living. Condos, like other forms of housing, have insurance needs that homeowners should consider.

What Is Condominium Insurance?
Condo insurance can protect you as a property owner, covering costs if you have damage to your unit or a loss of personal belongings. A condo insurance policy may also include coverage for your possessions, structural improvements to your living space and additional living expenses if you need to live elsewhere because of a covered incident.

The Dave Millet Insurance Agency can explore the coverage needs you may have for your condo.

Why Do I Need Condo Insurance?
Many condominium associations have their own coverage, which might cover the condo’s building, commonly owned property and the association’s liability insurance. However, the condo’s policy doesn’t usually cover its condo owners or their possessions. Many times, lenders require condo insurance as a condition of loan approval. We can help you explore the coverage you might need to meet your needs and your lender’s requirements.

A condominium policy may help protect your belongings and your unit’s interior, and you may also gain liability protection for bodily injury or property damage to others. This is essential protection if an accident or other covered loss occurs.

What Does Condo Insurance Cover?
A condo association’s insurance coverage usually stops after the exterior walls, which means you’re liable for the interior walls, fixtures, personal belongings and liability.

Your condo insurance typically includes coverage for damage, including accidental water discharge, fire or lightning, smoke, theft, windstorm, vandalism or malicious mischief. The liability-to-others portion of your condo insurance policy may also offer protection against lawsuits for bodily injury or property damage that you or your family cause to others. Your policy may also pay litigation costs and court awards up to your policy limits.

How Much Condo Insurance Should I Get?
How much condo insurance you need depends on your individual needs and if you choose to add any additional protection. Some other coverages that may be beneficial include the following:

Flood insurance may be valuable coverage if you live in a flood-prone area of the state.
Earthquake insurance may be beneficial if you live in an area of Louisiana that is prone to earthquakes.
A floater is additional coverage for expensive items such as jewelry, furs or collectibles.
Umbrella liability may give you more liability protection and coverage than what is in your condo insurance policy.
Unit assessment may reimburse you for your share of an assessment charged to all unit owners due to a covered loss.
Water backup may cover property damage to your condo caused by a sewer or drain stoppage, which your condo or flood policy may not cover.

How Much Does Condo Insurance Cost?
The cost of your condo insurance policy depends on where you live, your deductible, the coverage you want for your unit’s interior and if you’ve added additional insurance coverage. We can help ensure you have adequate coverage for your specific living situation.

Ensure Your Condo Has Protection
The Dave Millet Insurance Agency in Louisiana can help you with your condo insurance. Call one of our neighborhood offices across the greater New Orleans area at 504-556-0809 or River Parish at 985-331-9077 to get started on your coverage.