Condominium associations typically carry insurance to cover condo buildings, commonly owned property and liability insurance for the association. But as a condo owner, it’s wise to have your own coverage to protect your personal belongings and the components of your condominium, for which you are personally responsible for repair or replacement when covered losses occur.
Reviewing your owner’s agreement can help you determine your responsibility, and Farm Bureau can help customize a condo insurance policy to help protect your investment.
Determine the value of your personal property by using a Farm Bureau Home Inventory Kit.
Special items like jewelry, cameras or electronics may need extended coverage — talk to a Farm Bureau agent about special personal property coverage.
Add liability insurance coverage in case someone is injured while visiting your home or you accidentally injure someone or damage their property while away from your home. Condo association policies often do not cover liability for your unit.
Increased liability coverage is available by adding umbrella liability insurance.
Work with a Farm Bureau agent to determine whether to insure your items for actual cash value or replacement cost.
Replacement cost coverage provides the full amount of what it would cost to replace damaged items. Even if the item has depreciated in value, you will receive the amount of money it would cost to purchase a new, similar item. Limitations may apply to items that are worn out, obsolete or have special values.
Actual cash value coverage reimburses you only for what the damaged item is worth, not the cost of a replacement item. For example, if your 10-year-old refrigerator is damaged beyond repair by a covered loss, you would receive the amount of money a 10-year-old refrigerator is worth, which would be much less than the cost to replace the refrigerator with a new one.
The cost of your insurance, your premium, depends on the coverage you need and any discounts available to you. By insuring your condo in combination with vehicle, liability and other insurance needs, you can save money with our one-deductible, customizable package policy, Farm Bureau Member's Choice (available in select states).
Talk to a Farm Bureau agent today for a condo insurance quote.