Insurance Centers of America INC - The Best Insurance for You

2055 Anglo Drive Suite #200 Colorado Springs, CO 80918
719-528-5400 | 1-888-227-1910 (Toll Free)




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INSURANCE CENTERS OF AMERICA INC.
2055 Anglo Drive Suite #200 Colorado Springs, CO 80918
719-528-5400
1-888-227-1910 (Toll Free)

2055 Anglo Drive Suite #200 Colorado Springs, CO 80918
719-528-5400 | 
1-888-227-1910 (Toll Free)

INSURANCE YOU CAN COUNT ON FOR OVER 30 YEARS!

CONDO / TOWNHOME INSURANCE

Townhouse or Condominium Insurance, or HO-6 as it is known in the insurance industry, is very similar to Renters and Homeowners Insurance. You can purchase Townhouse or Condominium Insurance in one of two ways:

  1. You own the town home or condo, and you live in the residence. This policy is similar to a traditional homeowners policy.
  2. You own the town home or condo, but you rent it out to another party. This now turns it into a Rental/Landlord policy.

There is often overlooked coverage on a Town home or Condo policy. Two of the major ones are Dwelling Coverage and Loss Assessment.

First, these types of policies are rated based on the amount of Personal Property you want to insure, similar to a Renters policy. The dwelling is usually a percentage of that amount. An example is $50,000 in personal property, would be $5-10,000 in dwelling coverage. This amount for dwelling coverage is usually far below what is needed. The amount needed for the dwelling coverage can all be tied back to your Homeowners Association (HOA) master policy. Does it cover the structure? Does it cover studs in or paint? This determines what insurance you are responsible for. These HOA master policies can vary greatly in what is, or is not, covered.

Secondly, is Loss Assessment. Loss Assesment will refer back to coverage from your HOA master policy again. Loss Assessment provides coverage for a Condo or Townhome owner in case there is a claim on the building or a common area(Club House, Pool, Playground, etc...) 

As an example, let’s say a hail storm comes through the area and there is how hail damage to all roofs in the Condo complex. It is determined that there is $1,500,000 in damages to repair all roofs. The HOA only has $1,000,000 in insurance coverage. Now the HOA can ASSESS that additional $500,000 in damages to all Condo Owners. Let's say there are 50 Condo owners, that is a $10,000 assessment to each Condo Owner. 

You need to make sure you are aware of what your HOA covers. Your Insurance agent does not know, so make sure to read and understand your HOA before looking for coverage. You may also want to get a copy of the HOA master policy, so your agent can help determine how much coverage you may need.

Get a Condo/Townhouse quote and let us help you get the right coverage

MORE COVERAGE TO KEEP IN MIND

Home Insurance: Cover your home!

Auto Insurance: Cover your vehicles!

Rental / Landlord Insurance: Own Rental Properties?

Umbrella Insurance: Own a home, driving age child?

Recreation Vehicles: 4Wheeler/Dirtbike, Boat, Jetski, Motorhome?

Business Insurance: Own your own Business?

CONTACT US TODAY AND LET US FIND YOU THE PERFECT COVERAGE.

Townhome/ Condo Quote Request

-PERSONAL LINES

MORE COVERAGE TO KEEP IN MIND

Home Insurance: Cover your home!

Auto Insurance: Cover your vehicles!

Rental / Landlord Insurance: Own Rental Properties?

Umbrella Insurance: Own a home, driving age child?.

Recreation Vehicles: 4Wheeler/Dirtbike, Boat, Jetski, Motorhome?

Business Insurance: Own your own Business?

2055 Anglo Drive Suite #200 Colorado Springs, CO 80918  719-528-5400 | 1-888-227-1910

COPYRIGHT 2018 INSURANCE CENTERS OF AMERICA INC.

2055 Anglo Drive Suite #200 Colorado Springs, CO 80918
719-528-5400 | 1-888-227-1910 (Toll Free)
COPYRIGHT 2018 INSURANCE CENTERS OF AMERICA INC.