Are you considering buying a condominium and wondering whether you need condo insurance? Although most states don’t legally require it, nearly all lenders will require proof of insurance before approving a mortgage.
Condo insurance protects your personal belongings and provides liability coverage if you, your family, or your pets cause accidental damage to others or their property.
Condo insurance with Mapfre
Mapfre’s Unit-Owners policy, or sometimes called HO-6 condo insurance, protects your unit and personal belongings, and offers peace of mind. Here’s what’s typically covered:
• Upgrades or improvements you make to your unit.
• Personal belongings.
• Extra living expenses if you need to relocate after a covered loss.
• Loss of rent from covered incidents.
Coverage details may vary, but these protections are standard in most condo insurance policies.
What’s included with Mapfre condo insurance
Mapfre condo insurance comes with a range of built-in benefits:
• Dwelling coverage: Protection for your condo’s internal structure, like walls, floors, built-in cabinets, and fixtures if they are damaged by a covered event, such as fire or a burst pipe.
• Personal property coverage: Covers your belongings if they’re stolen or damaged.
• Loss of use: Pays for hotel stays or meals if you need to temporarily relocate after a covered loss.
• Special coverage for unit owners: Adds extra protection designed for condo owners.
You can also add these helpful extras:
• Credit card and forgery protection.
• Identity fraud expense coverage (up to $15,000 plus CyberScout™ services).
• Water back-up and sump pump overflow coverage.
What isn’t covered by condo insurance?
Here are examples of what your policy typically does not cover:
• Normal wear and tear.
• Damage resulting from a lack of maintenance.
• Damage caused during home remodeling.
• Flood and earthquake damage are typically not covered.
Doesn’t my condo association have insurance?
Most condo associations carry insurance that protects the building structure and shared spaces such as hallways, elevators, and recreational areas. However, this type of policy does not cover the personal belongings inside your unit or any damage or injuries that occur within your private space. As a condo owner, you are responsible for insuring your own possessions and for liability if someone is injured while visiting your home. Purchasing individual condo insurance helps fill these coverage gaps, ensuring both your property and personal liability are protected.
How much does condo insurance cost?
The cost of condo insurance can vary, depending on your location, the size and value of your unit, and the amount of coverage you choose. Factors like your unit’s features, the value of your belongings, and how much your association’s master policy covers all influence your premium. Most policies are customizable to fit your needs and budget. An independent agent can help you compare options and find the right balance of coverage and cost.
Remember, if you need help reviewing your property coverage with Mapfre, don’t forget that you can contact your independent agent anytime to discuss your options. And if you’re not yet insured with Mapfre, you can always get a fast, free online quote to see how much you could save today.
