Kokomo Indiana Condo Insurance
As a condominium owner in Kokomo Indiana, you have truly unique needs. You typically won't require as much coverage as you would if you owned a home, but you have substantially more to insure than a renter. Condo owners not only need to insure their personal possessions within the dwelling, but also any build-in units such as cabinets, fixtures, appliances and shelves. Additionally, condo insurance in Kokomo Indiana will also require liability coverage, which covers injuries and damage to people or property that the condo owner would be liable for.
Condo Association got you covered? Better Think again!
When you make the decision to purchase a condominium, you usually automatically become part of a condo association. Your Condo Association Master Insurance Policy will typically charge you monthly fees for maintenance of the common grounds, as well as for the cost of caring for the outside of the structure itself. A portion of the expense also covers insurance, but it is important to understand this coverage only extends to the exterior part of the structure. Sometimes a condo association policy willalso provide you with additional dwelling coverage. However, personal property and liability can only be covered by a personal condominium insurance policy. There are five main points of coverage in a Kokomo Indiana condominium insurance policy:
Dwelling: Covers the inner structure of your condo unit, which generally includes walls, drywall, wallpaper, paneling, flooring, carpeting, and built - in cabinets. Dwelling insurance is necessary to cover part of the building - the unit you own.
Personal Property: Typically covers what you might expect to get if you sold your personal property at fair market value as a replacement cost minus depreciation. In some cases, your personal property insurance may be enough to adequately insure what you own. However, if you have possessions in other property categories stored in your condo, your coverage may not be enough. It is important to check your condo insurance limits on the following:
- Property used for business
- Computers and electronics
- Trading cards
Most Kokomo Indiana personal property insurance limits are $25,000. Be sure to discuss your property situation with your Killingbeck Insurance & Tax Preparation professional to make sure you get the right protection for your needs.
Personal Liability: Helps protect you against the financial uncertainty arising from injury (or property damage) that you or a member of your family may cause to other parties. In the unfortunate event that you or anyone in your household is accused of accidentally causing injury or damage to property, personal liability coverage can help you by providing legal defense fees and, in the event of a settlement of judgement, can pay damages (up to your specific policy limit).
Guest Medical Protection: Pays for the medical expenses of friends and visitors who are unexpectedly injured on your property. Regardless of wether or not you're held responsible for an accident that occurs at your condominium, guest medical protection will provide payments for reasonable medical expenses for the injured party up to your specified policy limit.
Additional Living Expenses (ALE): ALE condo insurance reimburses the insured for the cost of living following a covered loss that exceeds the policy holder's normal expenses prior to the loss. For example, ALE would cover a hotel bill while fire damage to the condo is being repaired, if the dwelling is being replaced, or until policy holder moves into a permanent residence.
Loss Assesment Coverage: Loss assessment is a unique feature of Kokomo Indiana condo insurance. Under the condominium association's bylaws, each condo owner will be assessed a certain percentage to cover major property and liability losses. For example, in the event that the building and common areas are destroyed by an insurance disaster that is not fully covered by the master policy, your association may assess a certain amount for all condo owners to cover the loss. Your loss assessment coverage would help pay for your share of the damage. The standard coverage for loss assessment is typically $1,000, but higher limits may be available.
Condo Insurance Discounts
When requesting condo insurance quotes in Kokomo Indiana, you will likely be looking for cheap rates. You can get cheaper rates by asking your Killingbeck Insurance agent about any discounts or ways you may be able to lower your rates. You may be able to get cheap condo insurance rates by increasing your deductible or bundling your life, health or auto insurance with the same company. The best way to get cheap condo insurance is to compare multiple quotes from local agents in Kokomo Indiana. Get your FREE condo insurance QUOTE by filing out our online contact form or by calling (765) 452-8000 today.