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Pikes Peak Insurance Agency

7495 McLaughlin Rd, Ste. 221,
Falcon, CO 80831

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The difference between a condo unit policy and a master policy

A condo unit policy and a master policy from Pikes Peak Insurance Agency both cover different aspects of a condominium association here in the Falcon, CO area, but the differences between them can be confusing. 

A condo unit policy is specific to each individual unit owner and covers the interior of their unit in case of damage or destruction caused by an event such as fire, vandalism, theft, or another peril. It also provides coverage for any personal property contained within the unit as well as personal liability protection to the individual unit owner.

In contrast, a master policy is designed to cover the common areas and exterior of all units owned by a condominium association. This includes anything that is shared by multiple owners such as hallways, lobbies, pool areas, elevators, etc., as well as any general liability coverage for accidents that occur on shared property. 

It’s important to understand the differences between a condo unit policy and a master policy when selecting insurance for your condominium association. A master policy covers what all of the individual owners together share in terms of common areas that may not be covered under individual policies. However, it’s important to remember that neither type of insurance replaces one another; each owner needs to have their own condo unit policy and the condominium association should maintain its own master policy for added protection.

Reach Out To Us

For more information, give us at Pikes Peak Insurance Agency a call today. We are proud to serve the Falcon, CO area and would be happy to help you find a condo policy that meets your specific needs as well as your budget. So don’t wait! Call us today!

Why Every Condo Owner Needs Condo Insurance

When you own a condo, it can be a great way to build equity and live in a great area. It’s important, however, that you protect that condo with a condo insurance policy. This policy protects you against many different risks so that you are well protected against a wide range of circumstances and occurrences. If your condo isn’t yet covered by a condo policy, don’t wait. Call us now at Pikes Peak Insurance Agency in Falcon, CO to get the protection you need. 

Why Every Condo Owner Needs Condo Insurance

It’s Likely Required

In most cases, it is required for condo owners to have condo insurance. If you take out a mortgage to finance your home, the lender almost certainly requires that you have this coverage in case something happens to it. Even if you don’t have a mortgage on it, most condo boards require you to have condo insurance. While you own your condo, you are subject to their rules. They don’t want to have condos in their complex that are damaged because the owners can’t afford to fix them after a damaging incident happens to them. 

It Offers Great Protection

If something did happen that damaged your condo, repairs could be highly expensive. When you have an insurance policy, it pays for the repairs needed after a covered event happens to it. With this coverage, repairs can be made and paid for by the policy. This coverage also gives you liability protection. It will cover you in case someone has an accident in your home and ends up with medical bills from it. This can keep you from expensive financial liability.

Get Condo Insurance Today

Every condo owner needs this important protection to keep themselves covered in a number of ways. If you need this type of insurance, call us at Pikes Peak Insurance Agency in Falcon, CO.

Make sure your condo is protected

The team here at Pikes Peak Insurance Agency wants to help condo owners in the Falcon, CO community protect their homes. If you are a condo owner, let us help you get the coverage you need!

Protect your condo with a comprehensive policy

Owning a condo is a great way to enjoy a low-maintenance lifestyle. When your friends are spending their weekends working on their lawns or shoveling snow, you can be out living! 

If you are in the market for a condo, you will want to discuss your insurance policy options with one of our agents. Not all insurance policies are the same! There may be certain specific policy features that you want or need. And, it is always good to review your coverage level needs to ensure that your policy has the level of insurance protection that you need.

Determining the right policy for your unique needs does not need to be an overwhelming experience. With the right help and guidance from a local agent, you can get the policy that’s appropriate for your needs without too much stress. We want our clients to feel comfortable in their home, knowing it’s protected.

We can help you with all of your condo insurance needs. We work with current condo residents as well as community members who are just now starting to consider purchasing a unit. Wherever you are in the process, you can turn to us for all of your insurance needs.

Turn to us for all of your insurance needs!

Pikes Peak Insurance Agency is here for the Falcon, CO community. We want to help our friends and neighbors protect their homes. If you have any insurance needs that aren’t currently being met, give us a call or stop by our office today.

Colorado Condo Insurance Add-Ons You Might Want to Have

There are a lot of perks to owning a condo, and one of them is a reduction in your own liabilities. Condo living marries apartment rental living with homeownership so that you gain control over your stuff and what you need, while a management company takes care of everything else from an insurance perspective.

At Pikes Peak Insurance Agency, we know Falcon, CO residents can get confused about what is or isn’t covered by their Colorado condo insurance policy. We can help you simplify your condo insurance, and make sure you have the most thorough coverage.

Learn about the add-ons to condo insurance that you can have.

What is Covered in Your Condo Insurance Policy

When you have a condo, there are two separate liabilities in play. Your condo board or management will have their own policy.

That policy will cover all property, structures, contents, and liabilities to common areas. Anything that is used by all members of the condo such as a common room, elevators, hallways, driveways, the roof, and other areas will be insured by someone else.

Your condo insurance policy will cover any liabilities that might happen on your property. Any improvements you make to your home will also be covered. It will also cover your contents and any damage to your property due to theft, fire, vandalism, or other perils.

There are other insurance add-ons you may want to consider.

Add-Ons to Condo Insurance

If you want more insurance coverage beyond contents and liabilities, you can consider more thorough coverage.

Add-ons to condo insurance include sewage back-up insurance, water damage insurance, or insurance such as earthquake insurance.

Flood insurance is also an important insurance that you will need to have in addition to your standard condo insurance.
 
There are a number of things that could cause damage to your condo or create a liability. It’s never too late to add more coverage.

Get a Quote

At Pikes Peak Insurance Agency, we want all Falcon, CO condo residents to be happy with their condo insurance coverage. Call us for a quote today.

Who would benefit by getting condo insurance?

Owning a condo is a great housing option for people that are in the CO area. When you are a condo owner, you will enjoy many of the tax advantages and other homeownership benefits that any property owner will receive. However, you will also enjoy more amenities, including better security and onsite services that come with condo living. If you do purchase a condo here, you also need to get the right insurance for it, as you can benefit from a condo insurance policy in several ways.

Insurance Protects Investment

A reason that people benefit from having condo coverage is that the insurance plan can protect their investment. If you buy a condo, you will have to put down a payment and will want your investment to pay off in the future. With condo coverage, you will receive protection so you can repair your condo if it is damaged, which ultimately protects this investment.

Insurance Helps Provide Compliance

You should also get condo coverage as it can help you to stay in compliance. Most condo owners have a variety of insurance requirements. Those that live in larger associations or have taken out a mortgage will have specific insurance guidelines that need to be followed. A full condo policy can ensure you receive this coverage.

Those that get condo insurance will benefit in a range of different ways. When you are shopping for condo insurance in the CO area, it would be a good idea for you to call the Pikes Peak Insurance Agency. When you speak with Pikes Peak Insurance Agency, you will learn a lot about how this insurance can protect you. The team can then help you build a policy that will offer the right protection for your situation.