Condo policies are similar to homeowner's policies, except they’re written for condominiums rather than single-family houses.
• Property Damage Liability Coverage
• Coverage
Condo policies are similar to homeowner's policies, except they’re written for condominiums rather than single-family houses.
Vermont residents who own condominiums generally must insure their condos themselves. Common areas of a condominium complex may be covered under a condo association’s master policy, but these policies often don’t provide full coverage for individual condo units. Thus, condominium owners frequently need to purchase their own condo insurance.
Condo policies are similar to homeowners policies, except they’re written for condominiums rather than single-family houses. Since condo’s structures are often covered under condo association master policies, many condo policies don’t provide as much structural coverage as homeowners policies typically do. Condo owners can get the structural protections they need through condo policies, though, and condo insurance policies still often include personal property and liability coverages.
The amount of protection that condominium policies offer for condominiums’ structures varies significantly because the amount of coverage that condo owners need varies quite a lot. How much coverage condo owners need for their units depends on what’s covered by their condo association’s master policy.
Condo owners generally need coverage for whatever their condo association's master policy doesn’t protect. Thus, a condo owner needs a lot more coverage if their association has a bare walls-in master policy than if their association carries an all-in master policy.
Whatever coverage a condo owner needs, they usually don’t have a problem finding it. There are many insurers that offer condominium insurance in Vermont, so condo owners have a wide variety of policies to choose from. In most cases, several policies provide the structural protections that a condo owner needs.
Our business was with the same trusted agent for over 20 years. Mike Bancroft offered to evaluate our policies and see if he could save us some money on both Workmen's Comp and general liability. He did, and in the process even moved us to better coverage. Mike also offers a superb quality of service. Cannot recommend highly enough.
Mike Bancroft has been great to work with. He has assisted with my Business Auto, Tool Coverage, Homeowners and all other types of insurance needs. I wouldn't be surprised if they change their name to Paige, Campbell & Bancroft soon!
Extremely prompt, personable, and professional service! Despite only needing a workers' comp policy for one employee, Paige & Campbell was very receptive and ensured to shop my policy around to ensure I received a great price that was almost half of what another broker quoted me.
Anyone who owns a condo in Vermont should likely have condominium insurance for their unit. This, of course, includes permanent residents who have condos they live in year-round. It also includes seasonal residents who only use a condo part of the year, such as skiers and snowboarders who have condos near Killington, VT, Ludlow, VT, and Stowe, VT (among other mountain hot spots).
Often, people who have mortgages on their condos have to obtain a condo policy. The requirement is typically written into the terms of the mortgage, in order to protect the bank’s investment.
Even condo owners who paid for their unit with cash or have paid off their mortgage, however, can benefit from condo insurance. Without insurance coverage, replacing the contents of a condo or facing a liability lawsuit can be extremely expensive.
Most condominium insurance policies don’t provide protection against floods. They may include some coverage for water and sewer backups, but water damage from flooding isn’t normally included. Flood coverage often has to be purchased separately.
Condo owners who want help finding insurance for their unit should contact an independent agent near them. There are agents located throughout Vermont who can assist with selecting coverages and comparing condo insurance policies.
Barre
P.O. Box 469
297 North Main Street
Barre, VT 05641
(802) 476-6631
Bradford
P.O. Box 392
25 North Main Street
Bradford, VT
(802) 222-5222
Waitsfield
5197 Main Street, Suite 3
Waitsfield, VT 05673
(802) 496-3118
This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.
Mike Bancroft is simply an amazing agent. When my business got burglarized, I was so upset and didn't know what to do. I contacted Mike and he was very prompt in calling me back and he put my mind at ease. He made me feel so much better and handled all of the paperwork immediately. His customer service is top notch and I highly recommend him to be your insurance agent!