Condo Insurance

Condo Insurance In Michigan

Buying a home has been a part of the American dream for generations. Sometimes, an entire house and a load of responsibilities aren’t so appealing, and the dream is met through the compromise of a condo. Condos offer the same financial benefits of property ownership while offering some of the perks of apartment living, as well. How does this affect insurance? Let the Partners Insurance Agency LLC professionals help you, now serving the following states: Michigan, Ohio, Pennsylvania, South Carolina, Indiana, and Florida.

What Is Condo Insurance?

Condo insurance is very similar to traditional homeowners’ insurance. Depending on how the neighborhood homeowner’s association bylaws are written, it may be subsidized to live there. The most common difference observed in condo insurance over homeowners is that insuring a condo is usually cheaper. This is because of a couple of reasons:

• The adjoining property owner will also be insured for their responsibilities
• It’s generally assumed that residents are more mindful when they are responsible for someone else’s home

Condo Insurance is usually segmented into categories. Dwelling Coverage applies to physical components, such as walls and floors. Personal Property Coverage applies to the possessions inside the unit. Liability Coverage applies should you be the one responsible for damage to another person or their property (usually to include legal fees). Condo insurance tends to be simple to personalize. For example, if your homeowner's association offers dwelling coverage, you can still decide to get personal property coverage for your own protection.

Condo Insurance Requirements

Unlike cars or other vehicles, not every state mandates condo insurance. However, banks and credit unions still often require it. Depending on the homeowner’s association agreement, you may have enough coverage. Michigan, Ohio, Pennsylvania, South Carolina, Indiana, and Florida residents can speak with an agent with the Partners Insurance Agency LLC to help determine what is best for you.