Condo Insurance

Condo Insurance in St. Charles, MO

Condo insurance has components from both homeowner and renters insurance. With Condo insurance, generally for the dwelling you are typically only insuring the internal structure or the drywall itself. In most situations, there is a condo association with a “master policy” for the outside of the dwelling.

Components of  Condo Insurance

• Dwelling: As noted above, usually Condo Insurance is for the drywall or studs in. Typically dwelling coverage would cover cabinets or flooring that has been installed in the home. Generally the condo association covers the outside of dwelling.  
• Personal Property: Condo insurance is a great product to have. Unlike homeowners insurance, condo insurance doesn’t generally cover the actual outside structure or dwelling. The purpose of condo insurance is to have coverage for your personal property. One of the great things about condo insurance is the affordability it offers. To insure all of your belongings it is relatively cheap under a condo policy. 
• Liability: This coverage is designed to protect you and your assets if someone is injured or their property is damaged under your care. When choosing your coverage level, it’s important to remember the assets you need to protect in case someone decides to sue you. 
• Medical Payments: This coverage is in place to cover medical expenses of a guest that is on your property should they be injured. 
• Loss of Use- Being displaced from your dwelling after a loss can be very frustrating. Thankfully there is coverage that helps find temporary shelter. Loss of use coverage is designed to pay for your lodging while your home is under repair. 
• Loss Assessment: Loss assessment coverage is in place to protect the condo owner when an event damages the outside of the condo. Loss assessment coverage is there to cover the large deductibles of the “master policies”. At time of the loss, the condo association may levy assessments to all members to pay for the deductible. This coverage eases the burden placed on the condo owner. 
If you have any questions about condo insurance or would like to learn more, call your local St. Charles insurance broker, 
Lindenwood Agency, today at (636) 946-6133.
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