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Valor Insurance

123 S 3rd St STE 5 Easton, PA 18042
Phone : 800-419-0849
Fax : 800-901-4033
Email : support@valoragent.com

Condo Insurance

A condo consists of separately owned areas, such as the space you live in, and commonly owned areas, such as the lobby, parking spots, stairs, and elevators. Condo insurance is a bit different from a standard homeowner's or renter's policy. If you'd like to speak to someone about condominium insurance, call or visit Valor Insurance.

How Condominium Coverage Works

Commonly owned areas are covered by a master condominium association insurance policy. Most things outside of your unit, including the roof, building's exterior, and the basement are covered by the master policy. However, your individual unit often isn't protected. That's where condo coverage comes into play.

What Does Condo Insurance Cover

A condo insurance policy protects against what's known as ”perils.” Depending on your policy, perils may include damage from hail or windstorms, lighting, fire, vandalism, falling objects, and theft. Your policy protects what's inside your individual unit, including your personal possessions and permanently installed items that aren't covered by the master policy, such as kitchen counters or wood floors. If you have very expensive items in your condo, you may want to request expanded coverage to ensure that you're protected.

There are additional coverages included in most policies, including:

  • Liability protection, which offers financial protection if you're legally responsible for someone who got hurt inside your condo or damaged another owner's property.
  • Medical coverage takes care of financial obligations for someone who suffers an injury while inside your unit. For example, this coverage may pay for someone's medical bills if they slip on a wet spot and break a bone.
  • Loss of use coverage pays for expenses incurred if your condo is temporarily unfit to live in due to damage. Say you have to live in a hotel while your condo's being repaired. This coverage would help pay for your housing expenses.

This is a quick overview of how condo insurance works, but there are many more important details to consider before purchasing a policy. Reach out to Valor Insurance over the phone or come into the office for more information.

Partner Carriers

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