Condo Insurance in Boyertown, PA

Living in a condo may offer a sense of ease and convenience, but it’s still essential to consider safeguarding your space and belongings. While you may not be responsible for everything a traditional homeowner is, that doesn’t mean you can skip out on insurance. Having condo insurance helps financially protect your unit and personal items when the unexpected happens.

What Does Condo Insurance Cover?

The condo association where you reside typically has a master insurance policy covering its property and liability exposures. As a unit owner, however, you are responsible for securing individual coverage tailored to your personal needs. This often includes the following:

• Personal liability may help cover legal or medical costs if someone is injured in your unit or if you cause damage to someone else’s property.

• Personal property coverage may help cover the cost to repair or replace belongings such as furniture, clothing, electronics, and other valuables due to a covered loss.

• Additional living expenses (ALE) may help pay for temporary living expenses, including hotel stays and meals, if your unit becomes uninhabitable due to a covered incident.

You may also include additional coverage within your policy, such as accidental medical payments coverage, pet bite liability insurance and scheduled personal property endorsements.

Is Condo Insurance Mandatory?

If you’re financing your condo, your lender typically requires condo insurance to protect their financial interest in the property. In addition, many condo associations mandate that unit owners carry insurance, most commonly liability coverage, for incidents that may occur within their units. This requirement helps safeguard all stakeholders involved, providing financial protection when unforeseen issues arise.

How Much Condo Insurance Do I Need?

The amount of condo insurance you need depends on several key factors, such as your condo association’s master insurance policy, the total replacement cost of your personal belongings, and the local cost of living.

At Gerhart, Hartman & Ritner Ltd., we’re committed to helping you secure the condo insurance policy that fits your lifestyle and coverage needs. Contact us today to get started.