The Lakes area is dotted with condominiums, which offer locals the convenience of a shared community with the freedom of ownership. Many area condos overlook Lake Geneva itself, offering uncompromised views and close access to the water. From onsite pools and exercise rooms to nearby restaurants, shops and parks, living in a condo can be an exciting experience. However, there are also risks that come with condo life. If you own a condominium or are thinking about purchasing one in the near future, finding the right condo insurance is essential.
Risks of Condo Ownership
When you move into a condo, you are joining a group of neighbors with whom you share responsibility of your building and its communal areas. Together, you make up a condo association responsible for funding your building’s maintenance, repairs, and liabilities. Chances are your condo association has a master insurance policy that covers damages and losses caused by certain covered events. However, these costs may also be passed along to you in the form of assessments if your condo association does not have adequate coverage to fund sudden, unforeseen expenses.
Another risk of condo ownership is the possibility of losing your condo and all of your personal belongings due to fire, water damage, weather events, or even building defects. Owners are typically responsible for their own possessions, as well as the internal fixtures and upgrades made to a damaged condo. You could face tens of thousands of dollars in repair and replacement expenses, as well as excess living expenses if your condo suddenly becomes uninhabitable.
Condo Insurance in Wisconsin
Condominium insurance is coverage uniquely designed to fit your needs. At Glass Insurance Center, our goal is to safeguard you against the unexpected, allowing you to enjoy the posh condo life without concern over your risk exposure. As an independent insurance agency, we work directly with some of the most reputable insurance companies throughout the state, allowing us to bring you coverage options that meet and exceed your expectations.
Condo insurance typically includes:
Personal Belongings Protection
The things you own are an expression of who you are. Personal belongings protection is insurance for damages or loss of your possessions, such as furniture, clothing, electronics and more.
Fixture and Upgrade Coverage
If faulty plumbing causes a flood in your kitchen and living area, you might find yourself in need of a professional clean-up crew, not to mention a contractor who can replace your damaged cabinets and flooring. From baseboards and drywall to light fixtures and countertops, make sure your condo insurance picks up exactly where your condo association’s master policy leaves off.
Loss Assessment Coverage
If you receive a bill for your condo association’s loss assessment, you may be able to rely on your condo insurance coverage to cover your costs.
You may not think of liability when you think of protecting your property, but it is a very important part of your condo insurance policy. One lawsuit can lead to total liquidation of your assets and deprive you of a portion of your future wages. Whether you are sued because of an accident occurring inside your condo or because of the actions of your pet or someone who lives with you, purchasing enough liability insurance is a vital part of protecting your condo and your livelihood.
If you own a condo in the Lake Geneva area, put your trust in an agency that understands your risk exposure. Schedule your consultation with Glass Insurance Center and request your free condo insurance quote today.