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Why Get Condo Insurance in CT

We get asked a lot about the differences between condo insurance and homeowners insurance. Essentially, “Why get condo insurance in CT?”

There is a difference between condo insurance in CT and homeowners insurance.

The most notable difference between condo insurance and homeowners insurance is that condo insurance usually only needs to cover the interior of a condominium, what you technically own. A homeowners insurance policy needs to protect your property, inside and out.

In addition, when you own a condo, you are usually responsible only for the inside of your unity and your personal property.

Are there different types of condo owners insurance in CT?

Yes. There are two types CT condo insurance:

There is the individual Condo Insurance Condo Association Insurance. The former covers the condo owner. The latter covers the condo owners association.

The individual condo insurance policy is protection of your personal condo unit, which can help pay for damages to your home and personal belongings.

The condo association insurance policy usually provides protection to the building(s), including siding and roof, common areas or shared areas, and pools and hallways. This type of policy can also be referred to as the master policy.

What is the best condo insurance in CT?

The best condo insurance for CT is really what is best for you and your family, and your situation. A trained agent will help you identify coverage gaps and coverage overages in order to help you make the most informed decision.

For example, a competent condo insurance agent should review with you loss assessment coverage add-ons.

What is “loss assessment coverage”?

It is optional coverage to protect a condo owner from paying out-of-pocket for special assessments from the association. The condo association may issue a special assessment for expenses related to an insurance claim(s). If the association’s coverage limit doesn’t cover the entirety of a claim, then the condo association could issue a special assessment on all unit owners.

A good condo insurance agency should also review with you dwelling insurance/coverage. This is something that can help pay physical structure repairs or rebuilds, if they are damaged by a covered peril. However, with good condo insurance you will likely need only enough to cover the repair or rebuild of the interior of your condominium unit.

Other things to ask when shopping for the best condo insurance in CT is:

Personal Property Coverage – protects your belongings (An association’s master policy usually does not cover your personal belongings)

Townhouse Insurance Coverage – There is no specific townhouse insurance, so keep that in mind when searching. A townhouse condo is a condo, period.

If you are renting the condo you own, or you are renting a condo, then review that with your condo insurance agent.

The Bottom-line on Condo Insurance in CT:

Both homeowners and condo insurance provide similar insurance coverage options. Each have notable differences. It is important that you find the best insurance that meets your needs and best fits your current situation. Our friendly and experienced insurance agents can definitely help!