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Condominium Insurance

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Get to know your condominium insurance options

Your association may cover damage to the outside of your condo and common areas, but condominium insurance ensures the inside is protected as well. Learn more about your condo coverage options below.

Personal Property Coverage

Coverage for your personal possessions including furniture, clothing, and appliances in the event that they are damaged or stolen.

Liability Coverage

In the event that someone is hurt in your home or yard or you damage property at someone else’s home. This coverage can help cover the loss.

Additional Living Expenses

Your home will be protected against losses from events such as fire or lightening, weight of snow, ice or sleet, windstorms, hail, theft or vandalism.

WHAT MAKES CONDOMINIUM INSURANCE DIFFERENT?

When you buy a condo, you usually automatically become part of a condo association. In fact, you’ll pay a monthly assessment for that. That fee funds care of the common grounds of the association (You won’t have to mow the lawn, landscape or shovel snow!).

In addition to the common grounds (walkways, lobby, hallways, etc.) the cost of caring for the outside of the condo structure itself is part of the assessment you pay. A portion of that expense is insurance. But please note, your association provides insurance for the exterior part of the structure only! All of the interiors including drywall, flooring and cabinets will most likely be your responsibility in case of damage.

Furniture, electronics and all your other personal possessions will also be your responsibility to protect.

FIVE QUESTIONS TO ASK ABOUT CONDOMINIUM INSURANCE

Armed with this knowledge, discuss these questions with your Bancorp® Insurance agent:

  • What does my association insurance cover and not cover?
  • What remains for me to insure?
  • How much would it cost to repair the inside of my condo?
  • How much would it cost to replace my belonging?
  • What protection do I need against liability claims?

Thorough discussion and answers to these questions with the experts at Bancorp® Insurance Insurance will provide you with the sublime peace of mind that is the heart of all good insurance coverage.

You and your Bancorp® Insurance Insurance agent will consider these five main coverages:

1.) Condo Liability Coverage

It’s a cliche to say accidents happen, but it’s genius to have prepared for them ahead of time with the proper amount of liability protection.

This coverage will protect you if you or any other named insured are found legally responsible for any injury or property damage on or away from your property.

It includes:

  • Compensation for the injured party
  • The cost of your defense
  • Most court awards

The coverage is good up to the policy limits. So, make sure, especially if you possess significant assets, you’re completely protected.

2.) Property Protection

You will be responsible for the interior of your unit. This will include cabinets, appliances, and light fixtures—everything inside your home.

In some cases, your total property limit may be enough to adequately insure what you own. However, if you have possessions in other property categories, your coverage may be limited. For example check the coverage limits on:

  • Money
  • Business samples or other property used for business
  • Computers
  • Trading cards
  • Watercraft
  • Jewelry
  • Firearms

Many condo minimum property insurance limits are $25,000. Carefully discuss your property situation with your Bancorp® Insurance Insurance pro. Make sure you have the protection you need.

Request a quote today!

As you can see, our protection team understands the way home insurance works. Let us identify the kind of policy and coverage you need when obtaining premium quotations to find the best values.

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Don’t try to understand what coverage you need alone, we are here to help.

3.) Guest Medical Protection

It doesn’t matter whether or not you’re held responsible for an accident that occurs in your home. This coverage will provide payments for reasonable medical expenses for the injured party up to the policy limit no matter who caused the accident.

4.) Additional Living Expenses

If a covered loss (fire, lightning, smoke, etc.) causes you to have to vacate your condo because it’s uninhabitable, this will cover expenses associated with living elsewhere. For example, it will pay your hotel bill, food and other reasonable charges.

5.) Loss Assessment Coverage

You are paying a monthly assessment to live in your condominium community. If your association decides to assess a special levy because of certain losses to your condo complex, this coverage will pay your portion up to the coverage limit (usually $1000).

Don’t forget to ask how bundling your auto coverage can save on your monthly premiums.

EXCELLENT
261 reviews on
Victoria Skinner
Victoria Skinner
November 2, 2023.
Amy is amazing! She helps us navigate through insurance confusion. I will be seeing her again when the time comes.
Dennis Ramey
Dennis Ramey
November 2, 2023.
Amy is always a pleasure to work with. She keeps us well informed on our policies. She has been very helpful in the past. We appreciate all the help Bancorp has provided over the years.
Don Drumhiller
Don Drumhiller
November 1, 2023.
Gretta is fantastic. She will always take the time to explore options to find the best value for you. We recently explored upgrading our vehicle and homeowner policies. Gretta gave us all the options and allowed us time to process the information and make an informed decision as to what was best for us. Thank you Gretta, we look forward to working with you for many years to come.
Mark Gage
Mark Gage
October 31, 2023.
You've probably heard the phrase, "It doesn't take a rocket scientist!" Well I was a rocket scientist, and when I recently approached Medicare eligibility, I found the choices of Parts, Plans, Supplements, and Advantages very confusing. I attended webinars, explored SSA tutorials, and read the many direct mailings that I presume every person approaching 65 will receive from insurers. One ninety minute session with Jenifer Ward of Bancorp Insurance helped me more than anything else. She patiently answered all my questions, presented clear alternatives, reviewed my applications, and helped me navigate the confounding process of Medicare enrollment. Now I believe that I am on a solid path for health care for the rest of my life. That's big.
Allen Stark
Allen Stark
October 30, 2023.
Great insurance company to work with. Amy is very knowledgeable in health insurance.
Cindy Aaron
Cindy Aaron
October 27, 2023.
Mike Turpin was extremely helpful! Very personable and quick to respond to my questions.
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robert jordan
October 27, 2023.
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Tara Pearson
Tara Pearson
October 23, 2023.
We had the pleasure of working with Mike in the La Pine office and he was great. Found us a great deal, saving us a ton of money from our current policy. We were referred by a family member and we will absolutely refer.
Kristine Thomas
Kristine Thomas
October 20, 2023.
I appreciate Mike's knowledge and professionalism when helping me find a better rate for my car insurance.

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