Condo/Townhome Insurance - Des Moines, Clive and All Iowa
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Do I need insurance for my condo?
Sometimes, you want all the perks of home ownership without some of the more annoying upkeep challenges. Or, you might simply not see the point in buying a full-sized home for only one person or a small family. Whether you have convenience or financing in mind, buying a condominium might prove the perfect solution. With the recent condominiums being built in downtown Des Moines, it is important to know your condo insurance options.
You must insure your condo. However, condo insurance—also called Ho6 insurance—has certain unique qualities that you need to consider when enrolling in coverage. Let one of the dedicated agents at Iowa Insurance Store help you determine the appropriate coverage for your property.
What is HO6 Condo Insurance?
You own your condo. However, the condo also likely abuts the property of others and sits within a managed property association. Policyholders must take factors like these into consideration when obtaining their Ho6 policies. You’ll have to coordinate this coverage alongside:
- The policies of other homeowners
- Coverage for property owned and maintained by the homeowners’ association
We’ll help you determine the appropriate coverage to align with any insurance mandates set by your mortgage lender or condo association. We’ll also help you apply appropriate damage deductibles so you can balance premiums while managing your own out-of-pocket expenses.
Even though Iowa condo owners pay a mortgage and make their own repairs like any traditional homeowner would, they share some similar circumstances to those of renters. This is because their home is attached to other condo owner's homes and they share a building or complex. This creates some unique circumstances and risks. Iowa Insurance Store LLC can help build a Condo Owners policy that fits your needs.
Condo Association insurance can help but it often is meant for the building itself rather than what's inside. This is where a condo insurance policy is different from a homeowners policy because you usually will just need to cover the valuables inside your condo.
What does my condo insurance cover?
Consider a few of the policy elements you’ll need to include on your coverage.
Insuring your structure means covering the portions of the condo’s structure that belong to you. In the event of accidents like fires, severe weather or vandalism, you’ll be able to pay for resulting damages.
Condos usually share walls, roofs and other components with another property. Both you and other homeowners will therefore usually only insure your separate condos from a certain point inward into the home. A variety of coverage options exist to help you insure only on those items in your care.
- Studs-in coverage: Everything from the structural studs inward into the home has coverage.
- Paint-in coverage: Covers everything from the paint on your walls inward into the property. You have no responsibility for the building’s structure.
- Paint-in and updates coverage: You don’t have responsibility for the building’s structure. However, you receive coverage for updates or changes you make to the condo’s interior, such as new carpet or flooring.
- Sheet-rock in coverage: From the drywall of the home inward, you’ll have coverage.
Speak with your property management company about your exact responsibility for coverage.
You want to welcome family and friends into your home. However, if they were to get hurt in your condo, they could hold you responsible. Most condo insurance covers liabilities you present to others.
- Bodily injury coverage: Might pay for the medical bills, rehab costs and supplementary costs to those injured on your property.
- Property damage insurance: Covers damage you cause to someone else’s property. For example, if you hit a golf ball through a neighbor’s window, this coverage might pay for repairs.
Coverage will often apply to incidents both on and off your property.
Your personal belongings will have coverage under this protection. Coverage can protect items like:
We’ll ensure you have appropriate financial limits to apply to the majority of your belongings. We’ll also help you enhance coverage with higher limits or riders on valuable items like jewelry and art.
Living expenses protection
Following a hazardous occurrence, you might have to temporarily move out of the condo. During this time, you might have to secure other accommodations and pay for extra services, like dining out. This coverage can help you meet those costs without significant losses.
Water damage/backup coverage
Coverage for water damage applies differently depending on the situations in which it occurs.
- If a pipe in your care burst in the condo and cause damage, your standard condo insurance will likely cover the damage.
- Should a burst pipe belonging to a neighbor or the HOA damage your property, then a combination of coverage might apply. Your own policy will pay for your damage, while the other party’s coverage will pay for theirs. However, the other party might have to reimburse you or your insurer if their own negligence caused pipe damage.
For weather-related flood coverage, you’ll need a specific flood insurance policy. Condo policies almost never cover weather-related floods. A flood policy will come backed by the National Flood Insurance Program (NFIP) and will apply to structural damage, possession losses and other costs.
What is condominium insurance?
Condominium insurance is similar to homeowners insurance but is designed for the specific needs of condo living. Many families choose condos because of the convenience of on-site maintenance and access to community amenities. In this environment, the main structures of all buildings and common areas are covered by an insurance policy held by the condo association. However, a personal condo insurance policy may cover property damage and liability risks of the unit owner.
Who benefits from condominium insurance?
Condo insurance is beneficial for all condo owners as well their visitors. In fact, most mortgage companies require condo owners to purchase a policy for the duration of their loan. Condo insurance may cover damaged, lost or stolen property due to fire, theft or natural disaster. This protection could extend to interior furnishings, including walls, flooring, ceilings, appliances and fixtures.
In addition, this type of policy could cover you against liability claims. If you are found liable for a visitor’s injury, condo insurance could cover associated medical expenses and/or legal fees.
How much condominium insurance do you need?
The necessary amount of condo insurance largely depends on the value of your possessions. By determining how much it would cost to replace your possessions, you can estimate the policy size that would be appropriate for your individual needs.
Committed to Your Service
Iowa Insurance Store will be your first-line of defense for all your condo’s insurance needs. If you need new coverage, policy adjustments or just have questions, we’ll be here to help.
Call us today at 515-964-2927 to learn more about protecting your home with condominium/townhome insurance.
Proudly Insuring: Altoona, Ankeny, Clive, Des Moines, Grimes, Johnston, Pleasant Hill, Urbandale, Waukee, West Des Moines, Windsor Heights, Ames, Bettendorf, Cedar Rapids, Centerville, Council Bluff, Davenport, Fort Dodge, Iowa City, Indianola, Knoxville, Marshalltown, Monroe, Oskaloosa, Osceola, Otummwa, Pella, Pleasantville, Waterlook and Webster City