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Insuring a Condo in WA: What You Need to Know as a Condo Owner

Are you a new condominium owner in Washington? Congratulations! Here’s how you can protect your new investment with the right type of property insurance.

Why Should You Get Condo Insurance?

You probably saved for a while and worked hard to buy your condo in Washington. All of that investment could get wiped out quickly in one bad storm, fire, or robbery. Condo insurance covers repairs to your home and the replacement of your belongings in case the worst happens. Otherwise, you’d have to cover these expenses on your own, which isn’t feasible for most folks nowadays.

How Is Condo Insurance Different From Home or Renters Insurance

Owning a condominium is somewhere between owning a single-family home and renting an apartment. You don’t own the building your condo is in, but you do own interior features like cabinetry, flooring, appliances, and light fixtures that renters typically don’t own.

Therefore, condo insurance was created to protect your condo’s interior decor, plus your personal belongings like furniture, electronics, and clothing. But it doesn’t cover the building’s structure, outside any shared responsibility items stipulated in your contract or HOA agreement. You pay to insure only your property, not someone else’s.

How Can You Improve Your Condo Insurance Coverage?

When you take out a condo owner’s policy, you want to make certain you have adequate coverage for your investment. The best way to do this is to review your property coverage limits with your insurance agent, taking into account any improvements you’ve made to your condo, like upgrading the kitchen or remodeling the bath.

You also want to let your agent know about any valuables that need extra scheduled coverage, including:

  • Fine art
  • Antiques
  • Jewelry
  • Precious metals
  • Collectibles
  • Furs
  • Firearms

Your condo insurance should come with basic liability coverage in case someone is hurt on your property. You can increase your liability protection with a personal umbrella policy that would kick in when you reach the cap on your condo liability coverage. This is especially important if you entertain a lot, own a dog, are a public figure, or have a high net worth.

One more way to boost your condo protection is to add earthquake and flood insurance, depending on where in Washington you’re located. This coverage isn’t typically included in a regular condo policy.

Our independent agents at Spangler Insurance can help make sure you have adequate coverage for your condominium and personal belongings. We have dozens of condo insurance products because we work with many different carriers to give you a wider choice of policy options. Call us today at 206-329-7447 to get your condo covered, or use our online form to reach out with your questions.