Insurance for Condos
Owning a condo comes with its own unique set of insurance needs, different from those of a stand-alone homeowner. Colorado Farm Bureau® Insurance Company offers coverage designed to help protect your unit, personal belongings, and liability. Our local agents will walk you through exactly what you need to consider when insuring your condo.
What a Condo Policy Covers
Many condominium associations insure the building itself, but as a condo owner, you are responsible for your individual unit. A condo insurance policy generally includes the following coverage.
Dwelling Protection
If a covered loss causes damage to your unit’s cabinets, drywall, fixtures or improvements that are part of the building contained within your unit, dwelling coverage would provide coverage up to the policy limits. Most policies offer a limited amount of dwelling coverage. Your agent can review your policy limits and may recommend raising the basic limits depending on your specific needs.
Personal Property
Like a homeowners policy, a condo insurance policy offers personal property coverage, which provides protection for items like your furniture, clothes, dishes, and other personal property you own. The amount of coverage is based on a limit that you select.
Loss of Use
If a covered loss damages your condominium to the point where it’s not safe to stay there, you’ll need to find another place to live while repairs are made. A condo policy includes Loss of Use coverage to help pay for additional living expenses (up to the limits of your specific policy) if your home becomes uninhabitable due to a covered loss.
Personal Liability
Accidents may happen when someone is visiting your condominium. Personal Liability coverage provides protection against claims or lawsuits filed against you for accidental bodily injury and property damage for which you are legally liable.
Medical Payments to Others
If someone is injured while visiting you and they need medical attention, a condo policy will cover reasonable and necessary expenses, up to the policy limits. The injured person must be an invited guest who does not live with you.
Loss Assessment
If your condominium association levies an assessment against you, Loss Assessment coverage is available under a condo policy subject to the terms and conditions of the policy. Review your policy limits with a Farm Bureau agent who will help you determine if additional coverage may be needed based on your specific situation.
Insurance That Protects You and Your Home
Find an agent near you to help build the right coverage for your Colorado condo.