Protecting your Condo with Patriotic Insurance Group
As a condo owner in Pennsylvania, you get to enjoy a unique blend of homeownership and community living. Owning a condo also comes with some insurance responsibilities. While your condo association’s master policy covers the building and common areas, it doesn’t protect a lot of other things that matter to you. At Patriotic Insurance Group, we specialize in providing tailored condo insurance in Pennsylvania that fills the crucial gaps left by the master policy, ensuring your personal space and belongings are fully protected.
What does Condo Insurance cover in Pennsylvania?
Condo insurance, also known as HO-6 policy, covers personal properties, interior of your unit, and personal liabilities. Condo insurance fills the coverage gaps left by your condo association’s master policy which includes:
- Personal Property: Personal property, such as your furniture, clothing, utensils, electronics, etc., is covered under condo insurance.
- Interior Structures: Interior structures like walls, floors, cabinets, etc., fall under interior structure coverages in condo insurance.
- Loss Assessment and sharing: When coverage for a destruction or loss in a common area exceeds the master policy’s limits, owners are liable to share the additional cost under special case loss assessment.
- Personal Liability: Personal liability includes a guest getting injured in your unit or if you accidentally damage someone else’s property.
- Loss of use: If by some event your condo becomes uninhabitable, your temporary living expenses, like your meals and temporary residence, are also covered.
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Betterments and Improvements
Risk Factor
Any betterments, improvements, alterations, or additions made to your condominium are subject to damage. However, it’s important to make sure they’re covered appropriately.
Solution
Be sure to obtain coverage for any betterments, improvements, alterations, and additions made to the unit. This includes, but is not limited to, kitchen cabinets, built-in wall units, wall-to-wall carpeting, wallpaper, paint, bathroom fixtures, tile and wood flooring, and more.
Personal Property
Risk Factor
Unpredictable losses can occur to your property due to burglary, fire, water damage, storm, and more.
Solution
Personal property, such as furniture, rugs, TVs, stereos, clothes, and more may be covered under your basic insurance policy. However, items like jewelry, furs, silverware, antiques, collectibles, and other valuables should likely be insured separately.
Additional Living Expenses
Risk Factor
Additional living expenses can be incurred if there is damage to your unit due to a fire, storm, or other event resulting in your need to live at a temporary residence.
Solution
Ensure you have the proper coverage in case you need to live elsewhere for a little while. Coverage usually includes hotel bills, restaurant meals, and other living expenses incurred while your residence is being repaired or rebuilt.
Personal and Family Liability
Risk Factor
You're responsible if a guest in your unit trips and falls or sustains an injury while on your property or if you cause damage to other units.
Solution
Be sure that you have coverage for claims made against you for bodily injury or property damage caused by your negligence, whether intentional or not. This might include damage to other units in the building, perhaps caused by a leaking pipe in your unit or otherwise.
Medical Expenses
Risk Factor
You're responsible if a guest is injured while on your property and you may be required to pay their medical expenses.
Solution
Ensure your insurance policy covers this risk. In the event a person is injured in your unit, he or she can submit medical bills to your insurance company. Medical expenses are usually paid without a liability claim being filed against you, with typical limits ranging from $1,000 to $5,000.
Loss Assessment
Risk Factor
If your building owner or association suffers a loss and doesn't have adequate insurance coverage of their own, they may require you to help pay for the loss via an assessment.
Solution
Consider loss assessment coverage to protect yourself in the event of an assessment caused either by a property (building) or liability loss. A range of limits may be available.
Physical Damage
Risk Factor
Physical damage can happen in many ways. As one example, suppose a fire unexpectedly breaks out in the utility closet and consumes the building causing significant damage.
Solution
Be sure your condominium owner, association, or corporation carries a comprehensive policy to cover the risk of physical damage. It’s important to know what the policy includes and what it doesn’t, which could range from covering just the shell of the building to including things like floors and walls.
Is Condo insurance required in Pennsylvania?
The state of Pennsylvania does not mandate insurance for condos. However, the condo association and your loan provider is likely to require you to have condo insurance. Nevertheless, it is good to have condo insurance in Pennsylvania to protect both your financial interests.
What is the average cost of condo insurance in Pennsylvania?
The cost of condo insurance in Pennsylvania can vary widely based on several factors. On average, a basic condo insurance policy in Pennsylvania can range from $300 to $600 per year, but this figure can be higher for more comprehensive coverage.
There are many factors that contribute to determining the exact cost of condo insurance in Pennsylvania.
- Location: Condo insurance in the urban areas will definitely be higher than others. In Philadelphia, the average annual cost of condo insurance is $993 annually.
- Age of the building: Older buildings often have outdated features like plumbing, electrical systems, and roofing that increase the risk of claims.
- Newer buildings with modern construction, updated safety features, and good maintenance are generally viewed as lower risk, potentially qualifying for lower premiums.
- Coverage levels: The amount of personal property and liability coverage you choose will affect your price. The more coverage amount you wish to have, the higher your premium cost becomes.
Type of master policy your association has: Condo insurance exists to cover up after master insurance. The higher coverage a master insurance provides, the lower insurance you can get for yourself.
Do I need Condo insurance in Pennsylvania if I rent out my condo?
If you are renting out your condo in Pennsylvania, you absolutely need condo insurance i.e. HO-6 policy. But that is not enough. Your regular condo policy is intended for owner-occupied units and does not cover the risks associated with tenants. You need to get a specific landlord insurance policy on top of condo insurance.
Get Your Condo Insurance Quote Today!
Don’t let a gap in coverage leave you and your property exposed. Contact Patriotic Insurance Group – Pennsylvania Office today for a free, no-obligation condo insurance quote Pennsylvania. Let us help you protect your investment and your peace of mind.
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