Condominiums can offer the best of both apartment living and home ownership. Condo owners live in a community with other people, who often share similar attributes or interests. Access to living and recreation areas held in common may be included. And the cost of expensive items, such as elevators or landscape maintenance, may be shared. However, as each condo is owned separately, insurance needs can be complex, so it is necessary to have adequate condo insurance coverage. An independent insurance agent at Muller Insurance can help find the best insurance companies and options for your situation.
Types of Condo Insurance Available
There can be confusion when it comes to choosing condo insurance and determining what type of coverage best serves the individual unit owner. In most cases, coverage for common areas and shared infrastructure is provided by condominium association insurance. This is paid for by monies collected in condo or co-op fees.
Individual co-op unit owners are usually responsible for insurance that protects their personal property, including:
- Interior walls and floors
- Cabinets and built-in features
- Appliances, including kitchen
- Household goods
- Furniture and artwork
- Clothing and jewelry
However, different condo associations have unique bylaws, so unit owners must refer to these guidelines when purchasing insurance.
Insurance policies offered through Muller Insurance can provide coverage for water and sewer backup protection in case personal property is damaged by overflowing drains. Condo insurance also covers the condo owner for liability resulting from injuries, such as someone slipping on the floor and falling, including the injured party’s medical bills.
Muller Insurance offers insurance policies for condo owners with our insurance partners:
Rising Costs for Condo Repairs and Maintenance
When determining how much condo insurance coverage is needed, the independent insurance agents at Muller Insurance can help you understand policy options. Some condo owners will choose to cover replacement costs for items and repairs, while others may choose to insure items for their appraised value. Either way, increasing costs for building materials and an understaffed labor force in the trades may impact the rebuilding or replacement process.
Depending on the location and other details about the condo, additional policies may also be recommended. If the condo owner has expensive jewelry, musical instruments, artwork, or other items that are difficult to replace, extended coverage might be a good idea. This increases the financial amounts available for insurance reimbursements.
For those condo owners who travel, leaving their condo vacant or renting it out for parts of the year, extra insurance coverage can help avoid unexpected costs due to damage or other accidents.
Personalized Service With Muller Insurance
As an independent insurance agency based in Hoboken, NJ, Muller Insurance offers condo insurance and other policies throughout the state. We also serve condo owners in New York, Connecticut, Pennsylvania, Nevada, and other states. With a variety of insurance policies available from over 25 companies, our agents help find individualized solutions for our customers. We have earned a solid reputation with over 100 years of experience in the insurance business.
Request a Quote From Muller Insurance
Condo insurance may seem confusing, but the independent agents at Muller Insurance can help clarify your options. Explore how much coverage you need and address any risks. Get a quote today or contact us if you have questions.