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Insurdinary's Mission to Make Condo Insurance Affordable for All

The housing market is volatile, to say the least. Since the COVID-19 pandemic, demand and supply have shifted greatly, causing housing prices to shift unpredictably.

Inflation has also raised the average home prices. In November 2022, house prices were 8.6% higher than they had been the previous November.

Additionally, rising mortgage rates have hindered consumers' abilities to purchase real estate; in January 2023, the average APR for a 30-year fixed mortgage was 6.36%, nearly double the average a year prior (3.22%).

With all of these factors in mind, many consumers have wondered whether they will ever be able to afford a house. An alternative many have opted for is condo buying.
While condos aren't always cheaper than single-family houses — and homeowners' association (HOA) fees can increase monthly costs — they present a unique consideration for those wanting to buy real estate in an ever-changing, costly housing market. Condos are often smaller than single-family homes and come with slightly less privacy, but they offer many community and lifestyle benefits.

With any major purchase, insurance is an important protection to think about. Owning a condo leaves you responsible for interior repairs. Storms, theft, fires, and injuries in your condo can leave you with extensive costs that you may not be able to afford out of pocket.

Insurdinary strives to help condo owners find comprehensive, affordable insurance policies that protect their investments and provide peace of mind.

3 Steps to a Great Condo Insurance Plan

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1. Find a Plan

Answer a few questions about your condo, coverage preferences, and demographics, then see a list of condo insurance plans personalized to your needs.
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2. Choose a Custom Plan

Use our quote comparison tool to compare policies and determine the best plan based on your specific criteria.
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3. Quote and Apply

Receive quotes from the most relevant insurance providers and review how your costs would change with different coverage amounts and protections.
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How Condo InsuranceWorks

Condo insurance (also known as HO6 insurance) operates similarly to homeowners insurance. The insurer will reimburse you for the costs to repair damage that is outside your control, such as due to a natural disaster or another person's wrongdoing.

When you buy a condo, it will likely be under the authority of a homeowners association. In most cases, the HOA has a master insurance policy that covers the physical buildings in a condo community. This means that your HOA will likely be responsible for the exterior of your unit, including the roof, siding, driveway, and sidewalk.

If your condo community has common areas, the HOA will also be responsible for these. You will likely only be responsible for the interior of your unit — the HVAC system, plumbing, walls, flooring, fixtures, etc. (While this is the general structure of most condo sales, you'll want to check with your HOA to determine your exact liability).

While some HOAs require condo insurance and your mortgage lender may also require it, there’s a chance condo insurance won’t be mandatory for you. Still, purchasing condo insurance is an excellent idea, as it can protect you from major, unexpected repair costs.
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4 Reasons Condo Repairs
Are So Expensive

When you opt not to purchase condo insurance, you’ll be left to pay for all interior repairs out of pocket. Unfortunately, condo repairs usually aren’t cheap. One big storm blowing through can put you out thousands of dollars in repair costs.

At Insurdinary, we’re dedicated to providing affordable insurance quotes so that condo owners don’t need to choose between insurance and no insurance. With the right insurance coverage in place, you can rest assured that a major repair won’t break your budget.

But why are condo repairs so expensive in the first place?
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Here are a few reasons why:

They require specialized skill

Whether a cold front caused your pipes to burst or an electrical fire damaged your condo’s structure, you’ll likely require repairs from a trained professional. The more training and experience a job requires, the more expensive the services are.

There is a labor shortage for skilled trades

Like many industries, skilled trades are struggling to find enough workers to meet consumer demands. A shortage of qualified workers has left many plumbing, carpentry, construction, and electrical jobs unfilled in the past few years.

Material shortages rack up costs

The COVID-19 pandemic created gaps and delays in the supply chain that many industries have yet to fully recover from. Major home repairs typically require specialized materials, but the nature of supply and demand makes materials more expensive during shortages.

Your HOA may have higher repair standards

While your HOA is only responsible for your condo’s exterior, it may still have requirements for interior renovations. These standards may require more expensive repairs or higher-quality materials than you would choose.

Types of Condo Insurance Policies

Most condo homeowners associations have “master” insurance coverage that protects certain aspects of the condos in their communities. Understanding what your master policy covers can help you determine which coverage to select in your condo insurance policy.

Most condo insurance policies can be broken into the following categories:

All-inclusive Coverage

This policy covers the entire exterior of a condo building and some interior fixtures, such as appliances, plumbing, flooring, cabinets, and light fixtures. It also protects any improvements and upgrades you make to these fixtures.

If your HOA has all-inclusive coverage, you probably won’t need your own dwelling coverage (but you will need other condo insurance coverages).

Single Entity Coverage

This policy covers most of the same fixtures as an all-inclusive coverage but does not cover upgrades.

If you plan to remodel your condo while living there, you’ll probably want to add dwelling coverage for more comprehensive protection.

Bare Walls Coverage

This policy only covers the basic structure of your condo, including the ceiling, walls, and floors (but not carpet).

Bare walls coverage does not provide reimbursements for furniture or belongings.

Choosinga Condo Insurance Plan

Condo insurance plans come in many variations. Thankfully, this allows you to pick and choose the coverages you need and avoid paying for the ones you don’t.

When you build a condo insurance plan, you can opt for many different types of coverage. The more coverage you have, the better protected you are against potential damages. However, more coverage also tends to translate to higher premiums, which are the costs you pay each month to keep your insurance active.

While every insurance policy is slightly different, standard condo insurance provides coverage for damage from the following:
  • Fire
  • Smoke
  • Wind
  • Hail
  • Explosions
  • Lightning
  • Burst pipes
  • Theft
  • Vandalism
Condo insurance usually doesn’t cover the following:
  • Wear and tear
  • Floods (you can purchase separate flood insurance if you live in a flood-prone area)
  • Intentional damage
  • Damage from animals
  • Earthquakes
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Do You Need
Condo Insurance?

Condo insurance might be mandatory, depending on your HOA and mortgage lender. Even if it isn’t, we strongly recommend at least purchasing a small amount of condo insurance coverage to protect the money you’ve poured into your condo purchase.

Understanding exactly why you may need condo insurance can help you feel more at peace about your decision.

Here are four reasons you should purchase condo insurance:

Condo Insurance Protects Your Investment

Condo insurance protects the massive investment that is your condo. Even if you purchased at an excellent price, you likely poured a decent chunk of your savings into your down payment. When you buy condo insurance, you can ensure that your investment doesn’t go to waste if a natural disaster or covered incident ever occurs.

The average cost of major fire damage restoration is over $15,000 per room. Meanwhile, depending on the value of the electronics, art, and jewelry you keep in your condo, a theft can easily drain you of thousands of dollars' worth of assets.

Without insurance, you may struggle to financially recover from these incidents.

Your Mortgage Company May Require It

If you took out a mortgage to pay for your condo, your mortgage company likely required you to have condo insurance.

Condo insurance also protects your lender's investment in your home. If your condo were to burn in a house fire or get destroyed in a hurricane, the mortgage lender would lose out on their investment. With condo insurance, you can receive the full replacement cost for your condo — giving you back the principal you've paid on your loan and enabling the lender to receive their investment back as well.

Your lender may have specific requirements about the amount of insurance coverage you need throughout your loan term. Some lenders require coverage equal to the amount of the loan, while others suggest a coverage of at least 20% of the condo's appraised value.

Your HOA May Also Require It

As with any type of insurance, condo insurance prepares you for the worst case scenario. You may not see the point in paying for insurance until you need it. If and when you do need coverage, you will sure be glad you have it.

By having condo insurance from the beginning, you can rest easy knowing that if anything were to happen to your condo, you wouldn’t have to pay for repairs out of pocket. This could mean saving thousands of dollars on damages!

You decide. Compare the costs of condo insurance online to see how much money you can save.

Condo Insurance Protects You Against Personal Liability

Many homeowners overlook the personal liability aspect of insurance. While condo insurance can cover property damage, it can also pay for injuries that occur within your home.

If someone trips and falls on an electrical cord in your condo, suffers a burn from an old appliance, or experiences a bite injury from your dog, they could hold you financially liable. Without insurance, you may need to pay for their medical bills and resulting expenses out of pocket, which could cost tens of thousands of dollars. With personal liability coverage, you’ll only need to worry about paying your deductible.

These scenarios may seem rare or outlandish, but they could happen to anyone. The purpose of having condo insurance isn’t predicting the expenses you’ll face as a condo owner – it’s preparing for the worst-case scenario, just in case.

Choose the Right Benefits for You and Your Family

Are you unsure which condo insurance coverages to include in your policy? Each coverage you add can increase your costs, but going without essential protections can cost you thousands in the event of a break-in or natural disaster.

When you compare quotes from Insurdinary, you can choose among the following basic coverage options:
Personal property and liability coverage
Guest medical coverage
Building property protection
Additional living expenses coverage
You can also add optional coverages, such as:
Loss assessment coverage
Water backup coverage
Identity restoration coverage
Electronic data recovery
Building code coverage
Additional protection for high-value items
Want other types of coverage under your condo insurance policy? Get quotes from multiple providers and compare their insurance plans online to find the right one.
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How to Choose and Customize the Right Insurance Plan

At Insurdinary, we help you make informed decisions about your insurance coverage. Understanding how an insurance company calculates your costs can help you stay within your budget while receiving the necessary protections for your condo.

We’ve broken down the essential aspects of condo coverage that impact your costs below.

How Costs are Calculated

There are three critical elements of a condo insurance policy that relate to your overall costs:
  • Premium: The amount you pay each month or year to keep your policy active
  • Deductible: The amount you will pay when you submit a claim before your coverage kicks in
  • Coverage limits: The maximum amount your insurance policy will cover
Generally, the higher your premium, the lower your deductible. Also, the higher your coverage limits, the higher your premium.

But many other aspects also impact your condo insurance costs, such as:
  • The value of your condo
  • Your geographic risk of natural disasters (earthquakes, tornadoes, wildfires, etc.)
  • Your claims history
  • The value of the items in your condo
Insurance companies use different mathematical formulas to minimize their risk within their insurance policies. If an insurance company thinks you have a higher risk of submitting a claim, your rates will be higher.

How Deductibles Works

Most insurance policies have deductibles, or flat fees policyholders must pay before they can receive a payout for a claim. You can think of your deductible as your contribution to the repair before your insurance provider pays the rest.

Condo insurance deductibles are often $500, $1,000, or $2,000 per claim. Imagine your condo has a small kitchen fire, and a fire restoration company estimates $5,000 worth of repairs. If you have a $500 deductible, you’ll pay your insurance company $500, and it will cover the remainder of the costs.

On the flip side, let’s say you have a small pipe leak that a plumber can fix for $300. If your deductible is $500, it won’t be worth your while to submit an insurance claim. You’ll save money paying for the repairs out of pocket.

Available Cost-Sharing Options

Some insurance policies, such as health insurance, allow for cost-sharing opportunities that could reduce your overall costs of an insurance product.

While condo insurance typically doesn’t allow for these cost-sharing methods, you can reduce your costs by opting for a higher deductible. When you choose a $2,500 deductible, you’ll share more of the costs of the repair with your insurance provider, minimizing your monthly premiums.

How to Find Affordable Plans

The best way to find the most affordable condo insurance plan is to shop around. Every insurance provider has slightly different rates and different ways to calculate risk and determine premiums. The only way to know your rates is to receive quotes from several providers. With Insurdinary, you can compare relevant insurance quotes to identify the most affordable option.

How to Keep Insurance Costs Low

While condo insurance is an essential component of protecting your investment, it is an extra expense you may have trouble fitting into your budget. Rather than opting out of insurance coverage altogether, you can follow these steps to keep your costs low:
  • Choose a higher deductible to reduce your monthly premium.
  • Opt for the most basic coverage, then choose only the most essential add-ons.
  • Avoid submitting claims for small repairs, as each claim can increase your premium.
  • Install smoke detectors in every room to reduce your risk of a house fire, which may result in lower premiums

Condo Insurance
Frequently Asked Questions (FAQ)

Understanding the ins and outs of condo insurance is important to making an informed purchase. To help you make the best decision for you and your family, we’ve answered a few frequently asked questions we receive about condo insurance below:

How do I know if I've chosen the right condo insurance plan?

The best condo insurance plan for you is the one that:
  • You can afford without taking from other necessary expenses
  • Gives you peace of mind about your condo’s protection
Your condo insurance policy should have a high enough maximum payout that can pay for repairs if you need them. If you’re unsure about any aspect of your condo insurance policy, use our quote comparison tool to review your other options. Switching to a new policy won’t take much time, but it could save you significant stress and money.

What does condo insurance cover?

Generally, condo insurance covers your belongings and property inside your condo. Meanwhile, the HOA master policy covers the exterior structure of your condo.

Are there any tricks to saving money on condo insurance?

You bet! You can follow these steps to save on your condo insurance:
  • Bundle your home and auto insurance with the same provider.
  • Ask your insurer about discounts, such as for paying your premium annually instead of monthly.
  • Shop around until you find the provider with the lowest rates.

How long does it take to get my condo insurance quotes from Insurdinary?

You can receive relevant quotes from Insurdinary in just a few minutes!
Find affordable condo insurance that protects your condo purchase and gives you and your family peace of mind. When you use Insurdinary to compare quotes from the leading providers, you take the guesswork out of finding the policy that meets your specific needs.

With no hidden fees and a fast sign-up process, Insurdinary makes getting condo insurance easier than ever.
No deposit necessary  •  Only pay when you sign up for a policy  •  No added fees
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