Category: Condo Insurance

Owning a condo can be a beautiful and exciting adventure in Mesa, AZ. While there are various aspects of your condo that may be covered by HOA fees and more, it’s important that you have the necessary coverage for your own financial protection, too. At The Morrow Insurance Agency, we can ensure that you have condo insurance that is built specifically to protect you and your condo.

What Condo Insurance Protects

Your condo association has insurance that protects the building. However, your condo is inside that building. As such, it can get confusing as to what is and isn’t your responsibility.

Condo insurance is a necessity to protect what actually belongs to you – the walls, ceilings, and floors of your unit.

Additionally, your policy will also protect everything that’s inside of it, including furniture and other personal belongings. It will also provide coverage for living expenses in the event that your condo becomes unlivable for a  time period following a catastrophic event, such as a fire or flood.

What’s the Right Amount of Coverage?

It can be difficult to figure out just how much coverage is enough in Mesa, AZ. You want enough that you don’t have to spend a fortune if you have to file a claim. However, you also don’t want so much coverage that you’re spending more than what’s necessary.

This is where it is critical to work with an experienced insurance agent. One of our agents can talk to you about the value of your condo and everything in it. We can also look at past problems that have occurred in the area so that you can be fully covered for anything that could (and might) happen.

Make the call to talk to us at The Morrow Insurance Agency today. We’ll customize a quote and search for an affordable premium that fits within your budget.

Purchasing a condo in Arizona offers the benefits of homeownership without the extensive maintenance and upkeep responsibilities that come with a single-family home. However, as a condo owner, it’s essential to understand the importance of having proper condo insurance coverage to protect your investment. 

Here is what you need to know about condo insurance in Arizona:

Condo insurance, also known as an HO-6 policy, is specifically designed to cover the unique risks associated with owning a condominium. While your condo association may have a master policy that covers the exterior of the building and common areas, it’s crucial to have your own coverage to protect the interior of your unit, personal belongings, and potential liability claims.

In Arizona, condo insurance policies typically offer coverage for the following:

Dwelling coverage:

This protects the interior of your condo, including walls, floors, ceilings, and any installed fixtures or improvements. Dwelling coverage ensures you’re financially protected in case of damage from events like fires, storms, or theft.

Personal property coverage:

This covers your belongings, such as furniture, electronics, and clothing, in case they are damaged or stolen. It’s essential to accurately assess the value of your possessions to ensure you have adequate coverage.

Liability coverage:

This protects you financially if someone is injured while in your condo or if you cause damage to someone else’s property. Liability coverage can help cover medical bills and legal expenses if a lawsuit arises.

Loss assessment coverage:

In some cases, your condo association may levy special assessments to cover damages to common areas or shared property. Loss assessment coverage can help protect you from these unexpected expenses.

When looking for condo insurance in Arizona, it’s essential to work with a knowledgeable and experienced insurance agency. The Morrow Insurance Agency serving Mesa, AZ offers personalized service and guidance to help you find the right coverage for your unique needs. As an independent agency, they can provide you with a wide range of options from various insurance carriers, ensuring you receive the best possible coverage at competitive rates.

Reach Out To Us

Obtaining proper condo insurance in Arizona is crucial to protect your investment, personal belongings, and potential liability claims. By working with a reputable agency like The Morrow Insurance Agency in Mesa, AZ, you can have peace of mind knowing you have the right coverage for your specific needs.

According to research, as many as 20% of condo owners in the U.S. do not have insurance. The common misconception is that because they own their unit outright, they are not required to have insurance. However, this could not be further from the truth. In this blog post, The Morrow Insurance Agency will dispel this myth and explain why condo insurance is essential, even for those who own their units outright. 

Why You Need Condo Insurance

Condo insurance is important for several reasons. First and foremost, it protects your personal belongings in the event of a covered loss, such as a fire or theft. Secondly, it provides liability coverage in the event that someone is injured while on your property. And lastly, it covers you in the event that your condo association’s master policy does not provide adequate coverage.

For example, let’s say a fire in your condo unit damaged both your personal belongings and the unit itself. If you have condo insurance, your insurer will reimburse you for the cost of repairing or replacing your belongings up to your policy’s limit.

However, if you do not have insurance, you’ll be responsible for paying out of pocket to repair or replace your belongings. The same goes for damage to the unit itself. If your condo association’s master policy does not provide adequate coverage, you could be stuck footing the bill for repairs.

What About Condo Association Insurance?

Condo associations in Mesa, AZ typically only insure the building itself and any shared common areas – not the interior of your unit. That’s why it’s important to have your own condo insurance policy in place. It’ll cover your personal belongings and provide liability protection.

Get Coverage For Your Condo

Condo insurance is a must, even if you own your unit outright. It protects your belongings, provides liability coverage, and covers you in the event that your condo association’s master policy does not provide adequate coverage.

If you have any questions about whether or not you need condo insurance, The Morrow Insurance Agency in Mesa, AZ is here to help. Give us a call today to learn more about our condo insurance policies and how we can help you protect your investment.