Category: Condo Insurance

At Midwest Professional Insurance, we are happy to provide exceptional insurance policies to clients who live in the states we serve on a full-time or part-time basis. Many folks who live in Kansas, Missouri, Colorado, Illinois, Idaho, and Texas call these states home for one part of the year and spend the rest of the year in a state with the opposite climate for a change of pace.

If you own a condo in any of these states, you are probably considering buying condo insurance. For those who only live in their condo for a portion of the year, it might seem like a waste of money to get condominium insurance. As you’ll find out below, this is anything but the truth.

Should I Get Condo Insurance If I Only Live There Part-Time?

While it might seem counterintuitive, a vacant condo needs insurance even more than an occupied one. This is because empty condos and houses are prime targets for thieves and other bad actors.

When you’re away, thieves and burglars may take it as an opportunity to steal your belongings or damage your property without worrying about the consequences. Since you aren’t there, you won’t be able to protect your home or see the damage immediately. 

Without condo insurance, the results of a break-in or theft would be difficult to cover. With condo insurance, you may be able to cover the damage and replace some valuable stolen belongings. When you experience damage from qualifying incidents such as certain natural disasters or crimes, condo insurance may also help you recover.

Reach Out To Us!

If you’re wondering how our condo insurance policies can protect your home no matter how much you live there, call one of our offices at Midwest Professional Insurance today!

In short, condo insurance, also known as H06 insurance, covers what the condo association won’t cover. This is typically the interior of your unit. Condo insurance also provides liability coverage for any damage to others’ property or injuries that your guest might incur while in your condo. However, condo owners should always read the fine print to discover exactly what is covered as well as what’s not covered. Our team at Midwest Professional Insurance is committed to educating condo owners on what’s covered under condo insurance as well as the other benefits associated with this type of insurance.

The ABCs of What’s Covered Under a Condo Insurance Policy?

Your personal items, as well as any damage to the interior structure of your unit, fall under a condo insurance policy. This can include damage caused by natural disasters and other situations that include theft and vandalism. Fire, wind, and hail, are examples of natural disasters that would fall under a condo insurance policy in the event of damage caused by these natural disasters. However, certain situations that involve water damage may fall under a flood insurance policy rather than your condo insurance policy. As stated above, condo insurance also provides coverage for any injury or damage to the personal property of your visitors while they are in your unit. Some policies may cover living expenses if you must vacate your unit while it is being repaired. 

Conversely, the condo association’s insurance covers damage to the exterior of the condo, as well as the common areas. This includes the land outside of your building as well as the stairs, elevators, lobby, and anything else on the property. It also covers any injuries that may occur in the common areas of the condo. If you have questions regarding what condo insurance covers, give us a call. Our team at the Midwest Professional Insurance company is standing by.

Are you uncertain of about your condo insurance and aren’t sure what kind of steps you need to take to protect yourself? Please reach out to us at Midwest Professional Insurance to learn more and to make sure that these common mistakes do not affect your policy options. 

Assuming the Owner’s Insurance Protects You 

Your condo association owner likely has specialized coverage for the structure of the building. You might think that this protects you – it does not. Condo insurance is designed to kick in when your belongings are damaged. The owner’s association only covers the structure – not your items. 

Not Knowing What is Covered 

Things like smoke, fire, explosions, vandalism, theft, injuries, plumbing, lighting system damage, alternative living expenses, and more are all covered in your condo insurance. It may not cover things like floods, wear and tear, earthquakes, intentional damage, pest damage, and sewage issues. 

Picking Cash-Value Reimbursement 

You might think you’ll get more money with a cash-value reimbursement policy. However, you are mistaken. Deprecation to the value of that good will cut back how much you get. By contrast, replacement coverage will pay to replace your good, no matter what its initial price. 

Trying to Save Money With Bare Walls Policies 

Don’t try to save money by buying a bare walls policy because it will only cover the bare structural design of the condo. An all-in policy will cover things like fixtures, structures, plumbing, wiring, and more. As a result, it is important to pay attention to this facet before buying a policy. 

Not Trusting Your Provider 

If you feel like you’re working with a condo insurance provider you cannot trust, please reach out to us at Midwest Professional Insurance right away. Our team fully understands the different processes needed to handle these steps. 

Wondering if you should pick up the phone and call Midwest Professional Insurance to file a claim on your condo in Fairway, KS? Here’s how you can tell whether it’s worth it to make a claim:

• Do the losses exceed the deductible? That is, do the losses exceed the deductible to the point that it’s worth the bump in your rates? If you’ve lost several thousand dollars in belongings, then certainly, there’s no reason not to make a claim. But if you didn’t lose anything besides a hundred-dollar microwave, it might not be worth it.
• Have you made a claim recently? Home and condo insurance providers generally don’t expect to see any individual policyholder making a claim more than once every fifteen to twenty years or so. Making too many claims can leave a mark on your record that follows you from insurer to insurer. Making several in just a few years can even have your provider dropping your coverage.
• Can you replace the items out of pocket? If you can comfortably cover the damages out of pocket, that might be the best way to go.

Insurance is essentially there to help us when a problem is too big to handle it ourselves. You don’t want to find yourself uncovered after a fire because you made five claims in one year over minor issues.

If you have any questions or you’re looking to get covered in Fairway, KS, get in touch with Midwest Professional Insurance and see what we can do for you. We’re here to provide condo owners with good policies at a great price.