Condo Insurance in Washington State
Condominium living has become a popular choice for those who don’t want the responsibility of upkeep on a traditional single-family home. However, condominiums require different insurance coverage because of the shared risks involved. We offer policies to protect condominium properties at MTC Insurance Agency Group in Kent and University Place, WA.
What Perils Does Condo Insurance Cover?
Condominium policies generally cover perils such as fire, windstorms, hail, lightning, explosion, smoke, vehicle damage, vandalism, theft, the weight of ice or snow, falling objects, and accidental water discharge. Other perils may also be covered under your policy.
What Items Are Covered for Reimbursement?
Your condo association’s master policy generally covers structural elements but does not cover anything inside the structure. Your condo policy will cover furniture, clothing, electronics, appliances, musical instruments, and rugs. It will also cover liability for anyone hurt while visiting your property or if your dog bites someone. The policy may also cover living expenses when you cannot live in your condo while it is being repaired.
Actual Cash Value or Replacement Cost Coverage?
Condo insurance can either cover actual cash value or replacement costs. Actual cash value is what your items are worth at the time of the damage. Replacement cost provides an amount that it would cost to replace items at today’s cost. Policies that cover actual cash value cost less than those that cover replacement cost, and you may want to consider this when you are budgeting for your insurance.
Choose MTC Insurance Agency Group for Your Condo Coverage
Because your condominium is attached to other structures, having the right insurance can be crucial when an unexpected event occurs. Our agents can answer your questions about condo insurance and ensure you have the coverage you need. Contact MTC Insurance Agency Group today for a no-obligation quote on condo insurance to protect your property.