The difference between a condo master policy and a condo unit policy

When considering condo insurance from Wise Insurance Agency, it’s important to understand the differences between a condo master policy and a condo unit policy. A condo master policy is an insurance policy written for the whole condominium building or complex. This policy typically covers the common areas of the building such as lobbies, stairwells, hallways, and elevators against risks such as fire, theft, or liability claims here in the Ft. Wayne, IN area. 

A condo unit policy is insurance that provides coverage for a specific owner’s unit within the building complex. This policy typically covers the owner’s belongings inside their unit against risks such as fire, theft, or liability claims and also protects them from any damage to their walls, floors, or ceilings due to events outside of their control. 

The most important distinction between these two types of policies is that a condo master policy provides coverage for only what exists within the shared spaces of the condominium which is owned by all owners whereas a condo unit policy provides coverage for what belongs exclusively to each individual owner. 

We Are Here To Help

Understanding the difference between a condo master policy and a condo unit policy can help you make sure you are properly protected in case of any unfortunate circumstance. It is important to know exactly what type of coverage you need so that you can always be sure you will be taken care of in any situation.

For more information, give us at Wise Insurance Agency a call today. We are proud to serve the Ft. Wayne, IN area and would be happy to help you find the right type of policy for you, and one that meets both all of your needs and your budget.

4 Benefits of Condo Insurance

Condominiums are gaining popularity in the US as a means of acquiring shelter or investment. Regrettably, many Ft. Wayne, IN residents assume that purchasing condo insurance isn’t necessary because they have the condo association (COA) policy.

The master policy held by the condo association is not enough to guarantee maximum coverage for your condo. Therefore, buying condo insurance from Wise Insurance Agency is prudent to safeguard your assets and other areas of your life.

Here are the benefits of condo insurance:

Condo insurance safeguards you from lawsuits

Have you ever wondered what can transpire when a visitor is injured while residing on your property, and they sue you? Condo insurance caters to legal fees and other awarded damages to the third party if they file a case.

It covers your assets

Your COA policy covers your condo’s exterior. However, you are responsible for the damage to your assets and the condo’s interior. If you want to protect your furniture, electronics, and other assets, please invest in condo insurance.

It helps to cover medical expenses

What happens if your guests slip and break their legs while residing within your condominium complex? If any guest gets injured within your condominium, condo insurance caters to medical costs that might have been incurred. It also extends coverage to any injury inflicted by your pet or family member, irrespective of where that injury happens.

It provides loss-of-use coverage

What happens when your condominium gets damaged and becomes uninhabitable? Worry not because condo insurance caters to additional expenses, such as accommodation fees and food, while your condo is being repaired or rebuilt.

Get Condo Insurance Today

Are you a condominium owner in Ft. Wayne, IN, searching for affordable condo insurance? Call or visit us at Wise Insurance Agency and get more information about condo insurance.

Risks To Consider When Obtaining Condo Insurance

Wise Insurance Agency serves the Ft. Wayne, IN community and surrounding areas. For over 20 years, we have assisted our clients by helping them obtain coverage. We work with multiple carriers throughout the Midwest. This allows us to offer flexible policies that adapt to our client’s evolving needs. We’re looking forward to helping you.

Risks To Consider When Obtaining Condo Insurance

The Ft. Wayne, IN community is home to several luxury condos. If you reside in one of these units, insurance adds a layer of protection. Condo insurance helps cover your possessions inside the unit if they are stolen or damaged. Consider taking inventory as soon as you move into the unit. This can help the process run smoothly if any personal items need to be replaced. Condo insurance also covers any interior damage to the unit. You’re protected if an accidental fire starts, and you damage the walls, flooring or carpet. Liability coverage protects you if you accidentally damage your neighbor’s unit. If you plan to throw a party, liability coverage protects you if a guest is injured on your property.

While looking over your policy, you have to consider multiple risks. There’s a chance inclement weather may move through the area and damage your unit. You can add alternative living coverage if this happens. Alternative living coverage protects you if you have to find another place to stay until the unit is repaired. If you have luxury items at your condo, you’ll need to amend your policy in order to cover those items if they are damaged. If the complex has a swimming pool, the owner may obtain coverage. However, it’s recommended that you look over your policy.

Wise Insurance Agency Will Help You Cover Your Assets

Visit our website to learn more information about condo insurance.

Indiana Condo Insurance: Do You Need Valuable Items Coverage?

The general rule of thumb for this question is, yes, if you have valuable items, you should get valuable items coverage. That is true no matter what the situation is with your home. 

The more complex answer has to do with what coverage you already have with your condo insurance. If you only have liability insurance, then you want to consider getting additional content insurance as well.

At Wise Insurance Agency, we want all Ft. Wayne, IN residents to have the coverage they need for all of the valuables and contents that they own. 

Learn more about valuable articles coverage here.

What Your Condo Insurance Covers

Your existing condo insurance will cover basic liabilities, improvements and betterments to your unit, and some all-risk coverage for the belongings in your unit.  

For the contents and belongings, if something happens like a pipe burst, you will be able to make a claim for your property and cover the cost of the damage.

The liability component of your insurance policy will cover any problems that happen in your unit alone if you are found to be liable. If your dog bites someone or there is an accident for which you are held liable, this coverage will pay for medical costs.

If you have valuable items such as art, jewelry, antiques, collectibles, even an old camera collection, or something like that, you will need additional coverage known as valuable items coverage.

What Valuable Items Coverage Covers

When you have valuable items and want to have them covered, you need to have an itemized list and their value. The best way to do this appropriately for your insurance company is to have the lot or the set of items appraised. 

You may even already have this. Both your premium and your coverage will be based on the value listed in the appraisal. 

Take care of your items, and let your insurance company or broker know how you are doing that. They will want to know how it is being stored, and what you are doing to preserve the value. You can keep something in a safe deposit box at a bank and still have it covered under this policy.

Get a Quote

You won’t know whether or not you need valuable items insurance until you talk to an insurance broker. At Wise Insurance Agency, we can help Ft. Wayne, IN condo owners get the best valuable articles coverage for their Indiana condo insurance. Call us for a quote today.

Do I need Condo Insurance In Indiana?

Living in a condo in Indiana has its advantages – talk of hassle-free parking, cooperative living, common areas’ maintenance, and so forth. But with all the goodies that come with condos, owners have to contend with condo insurance. At Wise Insurance Agency, situated in Ft. Wayne, IN, we always get these condo owners’ questions: do I need condo insurance? Isn’t my condo already insured with the condo association insurance?

Are you curious to find out? Please hang on.

Why you need condo insurance

While your condo is covered with the condo association insurance, you still need to purchase a condo owner’s policy. Condo association’s master policy covers your premises’ physical structure and common areas, but not the contents in your condo. As such, you need to obtain condo insurance (HO-6) because of your unique needs.

What does condo insurance cover?

When you purchase condominium insurance from us, it will cover you in the following areas:

Personal property protection

Because condos are close to each other, there is always the risk of fire that can damage your personal stuff. Additionally, theft and vandalism risks are never far from us. While you may devise security measures to thwart intruders, you may not keep them away entirely. 

Fortunately, when your personal belongings are damaged or stolen, your condo insurance can save the day by compensating for the loss. And even when damage is from other risks like water seepage, hails, lightning, and so forth, your HO-6 should bail you out.

Protection from liability claims

Since accidents happen, someone might get injured in the common areas. Here, the condo’s master policy should pay for the liability claims. However, if a guest slips or falls on your premises, your condo insurance covers the guest’s medical costs. And if they go ahead and sue you for negligence, your condo insurance pays for the legal expenses.

Need condo insurance? At Wise Insurance Agency, located in Ft. Wayne, IN, we have the experience and expertise to find the right condo insurance appropriate for you. Contact us today for all your condo insurance solutions.