Customized Condo Insurance in Colorado

What exactly is condo insurance? Is it the same as homeowners’ insurance? That’s what most people want to know. The answer is that it’s not the same, although some elements may be covered in your existing home insurance or you may be able to add condo coverage to it.

At Trust Hall, we can combine the basics of condo insurance with optional features that may be required for or unique to your place. Those basics and options include:

• Liability coverage to protect against lawsuits and other costs arising from bodily injury or damage that someone suffers on your property.
• Loss or damage to your condo or personal property (on a replacement cost or cash value basis). Endorsements can be added for particularly valuable items.
• Seasonal coverage for when your condo is unoccupied
• Coverage for condos outside of Colorado, in other states or abroad.
• Insurance if you rent out or lend your condo to others.
• Umbrella insurance, which kicks in if the payout limits of your main policies are breached.

Note that your Colorado condominium association or condo owners association (COA) may provide a level of insurance coverage, mostly relating to things outside your home — the common areas as they’re called.

Some agreements stipulate that you might have to share in the cost of repairs or replacement to some common areas — although Trust Hall can insure against this loss assessment, as it’s called.

Some COAs actually provide structural coverage for individual condos through what’s known as a Master Policy but often these have extremely high deductibles — the amount you have to pay out of your own pocket before the insurance policy kicks in. Master policies generally do not include fixtures and fittings, however.

In this case, you’ll need special coverage similar to a renters policy, known as an HO-6.

Trust Hall can review your COA agreement to establish what’s covered and what isn’t, making sure you have the right protection but don’t end up paying twice for the same thing.