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Condo Insurance

Condo Policies

When you own a condo, there is a very important insurance policy that you have to have in place. Condo insurance policies are different from both homeowners' and renters' insurance. They take the needs of a condo dweller and provide coverage for only the parts that the insured owns or is responsible for. If you need condo insurance in Minnesota, contact us at the Arcadia Insurance Group for an appointment with an agent.

Condo Insurance

Homeowners' insurance covers the entire dwelling of the insured as well as covering the personal possessions inside and some liability for accidents. Renters' insurance covers personal possessions and liability only. But with condo insurance, you get a mixture of the two. Part of the dwelling is covered along with all the possessions inside, and it includes some liability coverage. The specific parts of the building that the insured owns may differ slightly from condo to condo, so it's important for an insurance agent to take a look at the condo paperwork to figure out exactly what needs to be covered.

Generally, the outside of the condo is owned and insured by the condo association. The inside has to be covered by the condo owner. There may be areas where it's more complicated, such as certain pipes that may be owned by one or the other. And, if the owner makes any improvements to the outside of the condo, he is responsible for insuring it as well as maintaining it appropriately. The specific details are to be found in the purchase agreement.

Getting Condo Coverage

If you aren't happy with your current condo insurance, or you have a new condo and need to get it insured, call us at the Arcadia Insurance Group for an appointment. We help Minnesota condo owners to understand which parts of the condo they are responsible for and to make sure that all of those parts are well covered.

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