Condo & Co-Op Insurance Quotes For Lansing, MI

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Protect Your Condo and the Items Within It

It’s easy to overlook critical coverage in your condo insurance. You might be surprised that the coverage provided by the master policy purchased by your condo or co-op association does not include your personal property. If anything happens to your appliances, furniture, or valuables, you’re on the hook for the replacement cost—anything from the drywall and in.

Compass Insurance Agency in Lansing, MI, has got you covered. We offer condo & co-op insurance policies that protect your property and give you peace of mind.

Types of Condo & Co-op Insurance Coverage

Dwelling Coverage

Dwelling coverage pays for repairs or rebuilding of your condominium in case of a covered event, such as a fire or explosion. To determine how much coverage you need for your condo, it’s worth researching to get an idea of local construction costs. You may also want to check with your mortgage provider to see if there are any requirements for dwelling coverage. For example, if you own a million-dollar condo and your lender requires 25% of the property value, you’d need at least $250,000 in dwelling insurance. It may seem like a lot to consider, but it’s always better to be prepared and have the right coverage.

Condo & co-op dwelling coverage in case of fire
protect your personal property

Personal Property Protection

Think of everything you own inside your condo: clothes, furniture, appliances, and electronics. Now take the time to calculate the worth of each item. Many people only realize how much their personal property is worth once it’s too late. Taking an inventory of everything you own can help you understand the value of your possessions and help you decide if you want to increase your limits to protect your priciest possessions, like art, jewelry, and collectibles. You’ll have to choose between actual cash value (ouch!) and replacement cost value when choosing your personal property insurance coverage.

Liability Coverage

Nobody wants to imagine being sued by someone they thought was a friend or acquaintance, but accidents happen. That’s why liability insurance is such an important safeguard to condo owners and co-ops. It can protect you financially if someone gets hurt on your property or your pet gets too aggressive. While $100,000 may be enough coverage for some, considering your assets and the potential for costly legal fees is always a good idea. By taking stock of what you have and ensuring adequate liability coverage, you can breathe easier knowing you’re protected no matter what comes your way.

liability coverage in case of an accident
additional living expenses for hotel stays

Additional Living Expenses

Have you ever considered what you would do if your condo were uninhabitable? It’s not a fun scenario to imagine, but it’s essential to consider. Additional living expenses (ALE) coverage is a crucial component of condo insurance that can provide peace of mind if the worst happens. This coverage pays for your temporary living expenses, such as hotels and restaurants, while your condo is being repaired.

Loss Assessment

Let’s talk about loss assessment coverage. It’s like a safety net for your HOA insurance policy. Picture this: a major storm hits your condo building, and your HOA insurance can’t cover all the damage. That’s where loss assessment comes in. Each unit owner chips in to cover the excess costs. This may seem scary, but loss assessment coverage can provide peace of mind. But wait, there’s more! You might need even more protection if you live in an area prone to extreme weather. Standard condo insurance doesn’t always cover natural disasters. No one likes to think of worst-case scenarios, but it’s always better to be safe than sorry.
loss assessment coverage

Start Your Condo & Co-Op Insurance Quote Lansing

Don’t leave yourself vulnerable to perils that can damage your condo. Get the best insurance carrier for your needs. We will get quotes from the top 20+ insurance companies serving Lansing, Michigan.


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