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4515 E Superior St
Duluth, MN 55804

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How To Select a Condo Insurance Policy in Duluth MN

Selecting the right condo insurance policy can be daunting. There are many factors to consider, and it’s hard to know where to start. Deluxe Insurance Group in Duluth, MN can help you provide expert insurance guidance.

Here we provide tips on selecting the right policy for your needs:

What is Condo Insurance and Who Needs It?

Condo insurance, also known as HO-6 insurance, is designed for condominium unit owners. If you own a condo, you insure your personal belongings and any interior improvements or upgrades you made to your unit. The condo association’s insurance policy will only cover the building and common areas, not your unit.

A Deluxe Insurance Group representative can help you select the right insurance policy that meets your needs.

What Type of Coverage Do You Need?

The coverage you need will depend on several factors, including the value of your belongings and any upgrades or improvements you made to your unit. You’ll also need to consider whether you want replacement cost or cash value coverage. Replacement cost coverage will reimburse you for replacing your belongings, while actual cash value coverage will reimburse you for the depreciated value of your belongings.

You’ll also need to decide whether you want to purchase liability insurance. This type of coverage will protect you if an injury occurs in your unit or if you’re liable for damages caused by your unit.

What Are the Deductibles?

Your deductible is the amount you’ll pay out of pocket before your insurance policy kicks in. The higher your deductible, the lower your premiums will be. For example, if you have a $500 deductible and experience a loss that costs $1,000 to repair, you’ll pay the first $500, and your insurance company will pay the remaining $500.

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Contact Deluxe Insurance Group in Duluth, MN today to learn more about selecting the right condo insurance policy for your needs.

Here’s Why Liability Coverage Is Important For Condo Owners

Here’s Why Liability Coverage Is Important For Condo Owners

If you own or are planning to purchase a condo, you’ll want to take out a condo insurance policy, which will protect you from damage and will provide funds to cover repair costs. If your condo is damaged in a fire or by a burst pipe, for example, your condo insurance plan may reimburse you and pay for the repair costs.

Many condo insurance plans also cover various liabilities should you find yourself facing a lawsuit in civil court. If someone is injured in your condominium unit, for example, you could be on the hook for expensive medical bills. You may also have to hire a lawyer to represent you in court.

That said, with condo liability insurance, your insurance provider may pay the medical bills, and if necessary, a lawyer to represent you and your insurer in court.

Contract the Deluxe Insurance Group (Duluth), serving greater Duluth MN, to learn more.

Condo Owners May Be Liable For Many Different Things

Let’s say you invite a friend over, and he trips on the rug in your living room. He fell and broke his arm. You call an ambulance and your friend is taken to the hospital where doctors run tests, set the bone and make a caste, and perform other things.

Your friend might be facing hefty medical bills. He could also try to sue you to recover the costs associated with treatment and also lost income.

If you don’t have condo liability insurance, you may personally be responsible for these bills. Don’t have the money on hand to cover the bills? The government could seize your assets or garnish your wages.

If you have condo liability insurance, however, your insurance provider instead may cover the medical bills and other costs. Besides slip and falls, liability insurance may cover damage and medical bills associated with dog bites and other accidents within your condo unit.

Condo liability insurance may also cover damage that you cause outside of your condo. Let’s say you visit a neighbor and while there, you accidentally knock over and destroy her expensive television. Your insurance provider may pay to replace the TV.

Liability insurance can be difficult to understand. Have questions? Contact the Deluxe Insurance Group (Duluth), which serves the greater Duluth, MN area.

What To Consider When Choosing Condo Insurance

As a condo unit owner, you should understand that you do not own the building where your condo unit is located. It is crucial to understand this when shopping for condo insurance. Yes, there is a master policy that is carried by your homeowner’s association. However, it protects only the building itself and common areas, while your condo and all personal belongings inside it are not covered. To protect them, you are supposed to carry condo insurance. It may be hard to pick the right policy. To help you, Deluxe Insurance Group, serving Duluth, MN, and other surrounding areas, have prepared a list of things to consider when choosing condo insurance: 

  • The sufficient amount of coverage. It is important to make sure that you have enough coverage. Often, many condo owners make the same mistake – they do not have the coverage for the events that may occur in the area where their condo is located. Before buying a certain condo insurance policy, make sure you discuss all the options available with an insurance agent. 
  • The terms of the policy. Review the master policy carried by your homeowner’s association and discuss it with an insurance agent to choose the right policy for your condo. 
  • The right deductible. The lower deductible you choose, the more you will have to pay for your insurance. To choose the right deductible, evaluate your current financial status and the budget first.

If you are currently shopping for condo insurance and looking for a reliable insurance company in Duluth, MN, or any other surrounding area, Deluxe Insurance Group is ready to help you. Do not hesitate to give us a call to talk to one of our experienced and knowledgeable insurance agents.

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