Tacoma Condo Insurance

Even if you don’t have to mow a lawn and take care of your condo like a house that doesn’t mean you shouldn’t insure like one. Condo insurance is an insurance policy that condo owners can purchase to help protect their condo in case of theft, vandalism, or other damages from a covered peril. 

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What Condo Insurance Covers

Like Homeowners Insurance, Condo Insurance has several coverages within the policy that aim to protect you, your condo unit, and personal property. Your insurance policy could reimburse you for damages sustained by these covered perils:

  • Fire
  • Smoke
  • Theft
  • Vandalism
  • Water damage related to plumbing, water heaters, HVAC and A/C systems, or household appliances.

Personal Property Coverage 

Personal Property Coverage in a Condo insurance policy covers the costs of repair or replacement for any belongs stolen, damaged, or destroyed under a covered claim. These items can include clothing, furniture, appliances, and electrics. 

Condo Insurance Policies let you choose the type of property coverage you have on your policy. You have a choice between replacement cost coverage and actual cash value

  • Replacement cost coverage pays to replace your lost possessions regardless of depreciation. 
  • Actual cash value takes depreciation into consideration, compensating you for the price of the item(s) while dedicating value for age, wear, and tear. 

Limits exist with both these coverage options. You can consult your policy or a local agent for information about the type of personal property coverage you have. Deductibles also apply. 

Personal Liability Coverage

Personal liability coverage helps you pay medical or legal bill for a guest in case someone is injured at your condo and is injured due to your negligence. 

Guest Medical Coverage

This coverage helps to pay for a guest who is injured at your condo’s medical bills, even if you aren’t at fault.


Building Property Protection 

Building Property Protection helps cover the cost of repairs to the interior of your condo sustained by a covered claim or peril. 

Condo Association Coverage

Your Condo Association’s insurance policy (also known as a master policy) can directly affect the insurance coverage you can or should take out for your unit. 

Some policies may cover areas like roofs, hallways, and communal spaces like living rooms or pools. Others may cover only the bare walls, ceiling, and floor of your condo. The Insurance Information Institute suggests you stay up-to-date and aware of your condo associations insurance policy so you can be aware of the type of protection your own personal condo insurance policy needs to have. 

What Isn’t Covered

Flood Insurance

Damage sustained by a flood isn’t standard on most condo insurance policies. If you are in a high-risk flood zone, it may be a good idea to purchase flood insurance to protect your condo. Keep in mind, in some cases mortgage lenders require flood insurance to be taken our for a property.

Ready to insure your Condo through one of the best insurance agency’s in the South Sound? Contact our team at Pfarr Insurance Agency to get started today!

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