Condominium Insurance

Condominium, or condo, insurance is unique. Your condo insurance policy covers your personal property and liability,  and any additions, alterations and improvements you make to your unit that are your responsibility based on the condo association agreement.  

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Additional condo insurance coverage, known as optional loss assessment coverage, is available to protect you against certain assessments that may be levied by the association. You would be compensated for additional living expenses incurred should you need to vacate your condo after a covered loss. Let Minnesota Lakes Insurance help you find the right amount of coverage to suit your insurance needs in Minnesota and Wisconsin.

Condo insurance provides coverage for your personal property and much more. For a few more dollars per year, you can elect to carry replacement cost on personal property which ensures that you are reimbursed for the full replacement value without regard for depreciation after a covered loss.

This means, if you have installed upgraded cabinets or put in hardwood floors, condo building item coverage protects these investments. Be sure to consult your homeowners association (HOA) agreement to determine what the association policy covers and what you are responsible for. Minnesota Lakes Insurance can help you determine what your HOA covers by reviewing the declarations of your current HOA policy. If common areas are damaged, your condo association may levy assessments against all the owners to pay the deductible on their association policy. Various limits of loss assessment coverage are available. Be sure to consult the HOA agreement to determine the potential for such assessments. Minnesota Lakes Insurance can help you determine your coverage needs to make sure you’re properly covered.

Your condo insurance policy protects you and your family members against bodily injury and property damage liability claims and any litigation that may result subject to the limits you select. In addition, you can select medical payments coverage which will pay for medical expenses incurred by a visitor who is injured at your residence regardless of fault. Various limits are available.

Many people supplement their condo insurance coverage with personal umbrella liability insurance for broader protection. If you have special valuable items such as jewelry, art, antiques or collectibles, ask about our scheduled personal property option which provides broader coverage and in the event of a covered loss.

With many insurance options for your condo home, Minnesota Lakes Insurance can help you identify the best combination of coverage, value and price for your needs.

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