What Perils are Often Included in Condo Insurance?

Condo insurance is similar to homeowners, with one key difference. There will be a master condo insurance policy that the association purchases and the individual policy that you will obtain are separate. 

Condo Insurance: What You Need To Know

The areas that the master insurance covers will vary according to the selected terms, and it’s important to inquire about this before supplementing this coverage. Typically, it will extend to the roof, exterior walls, and all common areas so that you are responsible for the protection of your own unit. Your Travers Insurance agent can go over the particulars of your policy to let you know exactly what would be included. 

In the greater Webster Groves, MO community, the master coverage is required by law and will usually come out of your condo association dues. In contrast, your own indemnification is not a legal mandate. Your lender will usually compel you to have this protection, however. 

Covered perils are generally extended to events related to the weather, such as wind storms, lightning strikes, power surges, and damage caused by snow. 

You can experience water damage due to heavy rains when the roof leaks or your condominium could experience a fire that razes it to the ground. Your property can be in need of repairs or replacement due to smoke exposure or saturation by a sprinkler system.

In addition, your personal belongings, such as electronics, clothing, and jewelry should typically also be protected. Theft can sometimes be an issue, as can vandalism, and people hurting themselves on your premises should all fall under the purview of your coverage. 

Travers Insurance Wants to Help

We specialize in providing Webster Groves, MO residents with the various insurance coverage they need, including condo indemnification. We invite you to contact us to discuss your specific situation, and you can call us by phone, reach us online, or stop in at our office.