Do NOT Buy Seattle Condo Insurance Until You Read This

At MyInsuranceShark.com we believe obtaining a condo insurance quote and buying a condominium insurance policy should be quick and easy. Whether you own a condo in a sky rise in downtown Seattle or on the shores of Lake Washington this guide will provide the information to make informed decisions. We represent the leading condo insurance companies offering condo unit owners insurance in Seattle.

On January 13, 2015 a fire ripped through a condominium unit in north Seattle by Northgate. Hopefully we don’t need such a drastic event to occur to convince us we need condo insurance but it is a good reminder that accidents do happen.

So the quick answer, if you own a condominium, is that you need condo insurance. If you are still in doubt then you need to first determine what kind of condominium association master insurance policy you have on your building. With that information you can estimate how much building property is not covered. Ask yourself, if my condo suffered a complete loss am I prepared to pay the amount necessary to rebuild my unit?

Also, if all your personal property was destroyed as well do you have the money to replace it? Finally, if you are liable for the destruction of someone else’s property (candle fire in your condo destroys your neighbors unit) do you have hundreds of thousands of dollars set aside to make things right? After asking themselves these questions, most condo owners decide buying a condo insurance policy is the smartest method to mitigating these risks. Condo insurance is also known as HO6 policy.

Yes, and no. There are two kinds of condominium association master insurance policies:

Bare walls-in: covers property from the exterior framing inward, but does not cover fixtures and installations inside the condo unit. For example, countertops, flooring, and bathroom and kitchen fixtures are not covered by the master policy.

All-in: covers fixtures, installations or additions within the interior surfaces of the outside walls, floors and ceilings of each unit.

Both Bare walls-in and All-in condo association master policies cover different levels of building property but the following is not covered by either policy:

Building Property Protection: real property in your condo unit which are your insurance responsibility according to the governing rules of the condominium. Included are building additions and alterations, installations or additions to your condo.

Personal Property Coverage: This will replace your stuff owned or used by insured anywhere in the world.

Loss of Use (Reimbursed Living Expenses): Pays for the additional living costs if a covered loss makes your condo uninhabitable. It typically reimburses food and a place to live while your condo is being repaired.

Loss Assessment Coverage: Pays for your share of any assessment charged against all condo owners by the association when the assessment is a result of a covered loss, personal injury, illegal discrimination, and libel, slander, defamation of character, or invasion of rights of privacy.

Personal Liability Coverage: If someone sues you because of bodily injury or property damage this coverage pay for legal costs and damages assessed.

Medical Payments to Others (Guest Medical Coverage): Helps pay the medical costs if someone is injured in your condo.

Additional Coverages:

Optional Condo Insurance Coverages: