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Condominiums occupy a special category in real estate. They’re not apartments. But they’re not single family homes either. So it’s no surprise they have their own unique category in insurance, too.
Unlike your home insurance policy, your condo policy works in conjunction with your master homeowners association (HOA) policy to provide protection for your condominium. The HOA policy is responsible for the exterior, and your condo policy is for protecting the interior of the condominium, your personal property along with several other important coverage
If you’re moving into a new home or condo, you could get a discount right off the bat. Seriously. There are more discounts too! And some are pretty easy to get.
Get a discount if your home has smoke detectors, fire alarms, burglar alarms or other qualifying devices.
It’s called the Multi-Policy discount. Bundle multiple insurance policies with our insurers (like home & car or motorcycle), and you could save … BIG time.
In a condo you OWN everything inside your unit (unlike an apartment) for instance, the carpeting, ceilings, and countertops. Condo insurance helps insure them.
Condominium insurance rates vary depending on many factors including: how much it would cost to rebuild your unit, the condition and age of your condo, and your location. But great news! Most insurance companies offer discounts and savings to help make your condo policy affordable.
Your homeowners association (HOA) likely has insurance that covers general risk in your building. A condo association policy is maintained through HOA fees that the collective condo owners pay. Basically everyone pays a little to insure the community.
Make sure you ask questions and understand the HOA insurance policy. It helps to know exactly what to expect of your HOA. Most HOA’s will cover common areas and the exterior structure, but the homeowner remains responsible for the interior.
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IronPoint Insurance Services is an independent insurance agency licensed (#0G87821) with the California Department of Insurance. We are authorized agents for many A+ rated Arizona, California and Utah insurance companies. We provide consumers with online, phone, and in-person insurance services through our insurance company relationships. IronPoint Insurance Services, LLC offers multiple insurance quotes to provide consumers several options for their insurance products. We offer auto insurance through Mercury Insurance Group, Travelers Insurance Companies, The Hartford, MetLife Auto & Home, and Progressive Drive Insurance. We are authorized insurance agents for these companies and do not charge any fees for our services. If an IronPoint insurance agent trys to charge you broker or agency service fees for representing these companies, please contact us immediately.