Insurance gives you peace of mind knowing you’re covered when disasters happen. This is one of the biggest reasons condo owners go for condominium insurance. Condominium insurance provides coverage for your personal belongings and improvements made to them. It ensures that you can reliably claim damages when disasters covered by your policy occur.
At Miller Hanover Insurance, we reliably provide the help you need to apply for condominium insurance while safeguarding your finances during disasters.
Wondering whether condominium insurance is right for you? We have explained everything you need to know below. We are also open to receiving your calls or an in-person visit for more information about our insurance policies.
Condominium Insurance Explained in Detail
Getting condominium insurance in Hanover can be one of the best financial decisions to make, especially when faced with expensive damages. This insurance covers additional items not included in the insurance provided by your condo corporation, strata corporation, condo association, or syndicate co-owners.
Condo insurance coverage will generally include items like your unit improvement, belongings, and loss assessment, which are likely not covered by your building’s coverage. Having it gives you the peace of mind of knowing that additions to your unit are protected during losses or disasters.
With condominium insurance from Miller Hanover Insurance, you get more flexibility and protection while protecting your pocket from expensive repairs and replacements in the aftermath of a disaster.
Important Terms When Getting Condo Insurance
At Miller Hanover Insurance, we provide transparent and comprehensive help to customers. Our goal is to help customers make informed decisions to protect themselves, their pockets, and their properties.
Our team goes the extra mile to clear up common terms that may be confusing as you consider getting insurance for a condominium. Some of the important terms you should know include;
All-Risk Coverage: This provides coverage and protection for all the belongings in your condominium unit and any improvements you’ve made. With this unit, you’re protected against all risks and losses included in your policy. Common damages covered may include water damage caused by non-personal acts or negligence.
Personal Liability Coverage: This coverage protects you, as a condo owner, if someone gets unintentionally injured or suffers property damage while in your condo. This insurance coverage pays for any damages or harm caused to such victims.
Replacement Costs: This covers the cost of repairing or replacing damaged items on your property. The damage must, however, have been caused by factors listed in your policy.
Additional Living Expenses Coverage: This covers and pays for any necessary and reasonable additional costs incurred due to the disaster you’ve suffered. For example, if your home is damaged due to a neighbor’s pipe burst, you could claim additional living expenses for staying in a hotel until your property is fixed.
These key terms above help you to understand the extent of coverage you can buy as part of your insurance condominium plan. Our team at Miller Hanover Insurance is happy to work with you and explain other terms you may find unclear as you navigate your way toward insuring your condominium.
How much does the average condo insurance cost?
The average condo insurance cost can vary depending on the coverage options you’re interested in. Our team at Miller Hanover Insurance can work with you to identify the common risks your condo is exposed to and find the most suitable plan and options to cater to those needs.
Our goal is to ensure that you and your properties are protected at all times and at affordable costs.
Is Loss Assessment coverage important?
Yes. Loss Assessment coverage is an important feature of your condo insurance because you share the responsibility of losses with other condo owners, especially for the common areas and the building. That means if there’s a special assessment on your condo building, which attracts an extra fee on top of your monthly condo fees, it is carried by all condo owners and not a single person.
For example, the cost of a damaged condominium parking lot due to flooding will be shared among all condo owners and not just one person. With this assessment, you can trust your condo insurance to save you from out-of-pocket costs.
Is my storage locker covered by condo insurance?
Yes. Your condominium insurance covers your storage locker. The insurance policy covers all personal belongings, whether in your condo unit or another part of the building.
How do I get my condo insured?
Ready to get your condo insured? Start saving today by calling our team at Miller Hanover Insurance or visiting us.