Condo insurance

Most likely, your condominium association won’t insure your unit or the personal property inside. The association’s insurance generally provides coverage for the condo’s exterior building structure and the common areas.

One of the most important aspects of condominium unit owners insurance is the replacement cost for personal property. We offer two coverage options:

Helps provide payment based on the cost to repair or replace the damaged property at the time of loss.

Helps provide payment based on the cost to repair or replace damaged property less depreciation at the time of loss.

Yes. In most cases, it is used interchangeably to describe the liability insurance for condo unit owners.

If there is an association form of ownership with a master policy insuring the building exteriors, then you’ll need condo insurance for the interior of your unit. If not, you’ll need a homeowners policy.

Coverage options, deductibles, and discounts may affect your policy cost. Check with your State Farm agent to find out what best fits your needs and budget.

Homeowners insurance covers the interior and exterior of a dwelling, but the owner of a condo unit is generally responsible for insuring just their interior. Check your condo association bylaws to determine the type of coverage required.

Learn how and why you should keep a list of all your belongings and their worth.

Adding up the value of computers, electronics, appliances, jewelry, clothes, furniture, maybe even something particularly valuable like an engagement ring, art collection or musical instrument can help you determine how much personal property insurance coverage you need.

Some interior features of your condo unit, such as cabinets, countertops, carpet, doors, drywall and other portions of the unit may not be covered by the condo association’s master policy, so they may need to be included in your coverage. A State Farm agent can help you determine the value of the building property in your unit.

Tips to keep a better safeguard on your things.

Condominium unitowners policies have maximum limits the company will pay for loss to specified types of property (these limits can vary among companies). What’s on a typical “special limits” list?

If you need higher limits for certain types of property, your State Farm agent can help.

No, State Farm does not offer flood insurance. Most flood insurance is written through the National Flood Insurance Program (NFIP), which is administered by the Federal Emergency Management Agency (FEMA). Your State Farm agent can probably assist you with obtaining flood insurance.

Rest easy, the policy may help provide protection for covered liability claims or lawsuits.