Condo Insurance in Colorado

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Condo Insurance Colorado

Condo Insurance at The DeLuca Agency and Denver Insurance Brokerage Inc

What is condo insurance?

Condo insurance, also known as condominium insurance, is a type of homeowners insurance designed specifically for condominium owners. Unlike standard homeowners insurance, which covers both the structure and the contents of a home, condo insurance typically covers the interior of your unit and your personal belongings. This type of insurance also provides liability protection and covers additional living expenses if your condo becomes uninhabitable due to a covered peril.

What does condominium insurance cover?

Condominium insurance typically includes several key coverages:

  1. Personal Property Coverage: This protects your belongings against risks such as theft, fire, and water damage. It covers items like furniture, clothing, electronics, and more.
  2. Dwelling Coverage: This covers the interior structure of your unit, including walls, floors, ceilings, and any improvements you’ve made, such as built-in appliances or custom cabinetry.
  3. Liability Coverage: This protects you if someone is injured in your condo or if you accidentally damage someone else’s property. It covers legal expenses, medical bills, and any settlements or judgments against you.
  4. Loss of Use Coverage: If your condo is damaged and you can’t live there while repairs are being made, this coverage helps pay for temporary living expenses, such as hotel stays and meals.
  5. Medical Payments Coverage: This pays for medical expenses if a guest is injured in your condo, regardless of who is at fault.

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The words of our loyal customers…

“I became a client of the DeLuca Agency when it bought my previous insurance agency. Fortunately, Caula Campbell-Frazier transferred with the company. She has been a delight to work with–always responds quickly, thoroughly and with a real desire to answer questions or assist you. I can’t say enough good things about her. You will not be disappointed.”
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“I worked with Caula Campbell to renew my homeowners insurance, she was able to help me by pointing out a gap in my coverage and still was able to lower my premiums. I am enjoying my lower mortgage as a result of the lower escrow. Highly recommend.”
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Spoke with Gloria and she was very knowledge about my insurance needs. She guided me to consider options that are well within my budget and would greatly help my family when needed.
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Spoke with Gloria and she was very knowledgeable about my insurance needs. She guided me to consider options that are well within my budget and would greatly help my family when needed.
Had a great experience with the DeLuca Agency. We quoted with them one year and decided not to move forward because life got busy. But we decided to try again the next year and we were welcomed back without judgment for not having moved forward previously. The agent (Paige Brown) was very professional and extremely knowledgeable about the various companies, coverage, etc. They are able to cater to high end clients and it shows with their knowledge, thoroughness, and expertise. She spent a good amount of time answering our complex questions and informed us about things we never knew before that go deeper into insurance coverage. They have a nice range of products as well and seem to do what’s best for your unique situation.
Lyn C., Google Review
Paige with The DeLuca Agency was a great help when I needed insurance recently. Highly recommend.
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I have worked with the DeLuca Agency since moving to CO in 2019. Danielle Duffy is amazing and has always helped me out with any and everything I have needed. She goes above and beyond every single time I contact her. Beyond that, she is just an overall pleasant person!
Matthew D., Google Review
We have been insured through The DeLuca Agency for over 2 years and find their customer service highly responsive. The Staff is extremely professional and knowledgeable. I highly recommend this agency for any of your insurance needs.
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Condo Insurance Colorado
Condo Insurance Colorado

What factors affect the cost of condo insurance in Colorado?

Several factors affect condo insurance in Colorado:

  1. Location: The geographic location can impact insurance costs due to varying risks from natural disasters, climate conditions, or local crime rates.
  2. Building Structure: The age, type, and condition of the building can influence premiums. Older buildings or those with outdated construction may face higher rates.
  3. Coverage Limits: The amount of coverage selected for personal property, liability, and additional living expenses will affect the cost of insurance.
  4. Deductibles: Higher deductibles can lower premium costs, while lower deductibles increase them.
  5. Safety Features: Having safety features like security systems, smoke detectors, and fire extinguishers can help reduce insurance premiums.
  6. Claims History: A history of past claims can lead to higher premiums or affect coverage availability.
  7. Association Coverage: The extent of coverage provided by the condo association’s master policy can impact the amount of additional insurance needed.
  8. Personal Property and Liability Needs: The value of personal belongings and the level of liability coverage required can influence the overall insurance cost.

How does condominium insurance differ from homeowners insurance? 

Condominium insurance and homeowners insurance serve similar purposes but differ in their scope and coverage due to the nature of the properties they protect:

  1. Coverage Scope:
    • Condo Insurance: Typically covers the interior of the condo unit, including personal property, liability, and any improvements or alterations made to the unit. It also covers losses related to the building’s interior, such as walls, floors, and ceilings, but not the exterior or common areas.
    • Homeowners Insurance: Covers the entire single-family home, including the structure, personal property, and liability. It also includes coverage for the land the home is on and any detached structures like garages or sheds.
  2. Master Policy:
    • Condo Insurance: The condo association usually has a master policy that covers the building’s exterior and common areas. Individual condo insurance policies fill in gaps not covered by this master policy, such as interior walls, floors, and personal belongings.
    • Homeowners Insurance: There is no master policy, as the homeowner is responsible for insuring the entire property, including the building’s exterior and interior, as well as any land.
  3. Liability Coverage:
    • Condo Insurance: Provides liability coverage for incidents within the unit and can extend to shared areas, but it’s essential to understand the extent of coverage provided by the condo association’s master policy.
    • Homeowners Insurance: Offers broader liability coverage for accidents that occur on the property, including both the home and the land it sits on.
  4. Property Coverage:
    • Condo Insurance: Typically covers personal property inside the unit and any improvements made by the unit owner. It usually excludes the building’s structure and common areas, which are covered by the master policy.
    • Homeowners Insurance: Covers personal property, as well as damage to or loss of the home’s structure, including the roof, walls, and foundation.

In summary, condo insurance is tailored to cover specific needs related to condo living, with a focus on the interior of the unit and personal property, while homeowners insurance covers the entire property, including both the structure and land.

Condo Insurance Colorado

Does condo insurance cover damage to common areas of the building? 

No, condo insurance typically does not cover damage to common areas of the building. Common areas—such as lobbies, hallways, elevators, and shared amenities—are usually covered by the condo association’s master policy. This master policy is intended to cover the exterior structure of the building and common areas.

Your individual condo insurance policy mainly covers personal property within your unit, the interior structure of your unit, any improvements you’ve made, and liability for accidents or injuries that occur within your unit. 

What are the common exclusions in condo insurance policies?

Common exclusions in condo insurance policies typically include:

  1. Flood Damage: Damage from flooding is often excluded and may require separate flood insurance.
  2. Earthquake Damage: Earthquake-related damage is generally not covered and may need a separate earthquake policy.
  3. Wear and Tear: Routine maintenance issues and natural deterioration are usually excluded.
  4. Negligence: Damage resulting from negligence or lack of proper maintenance might not be covered.
  5. Intentional Acts: Damage or loss caused by intentional acts or criminal activities is excluded.
  6. Pest Infestations: Damage from pests, such as termites or rodents, is typically not covered.

It’s important to carefully review your policy to understand these exclusions and consider additional coverage if needed.

How can Colorado condo owners obtain condo insurance?

Reach out to the independent agents at The DeLuca Agency for a fast quote on condo insurance in Colorado. Our team of experts is dedicated to providing you with comprehensive coverage tailored to your specific needs. With competitive rates and exceptional customer service, The DeLuca Agency ensures that you have the protection you need to safeguard your condominium and personal belongings.

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DeLuca Agency

For questions or concerns, please contact our independent insurance agents.

CO Office
6021 S Syracuse Way Ste 207 Greenwood Village, CO 80111
Phone: 720.484.3732

MD Office
500 Redland CT Ste 106 Owings Mills, MD 21117
Phone: 410.521.6500

UT Office
13894 Bangerter Pkwy Ste 200 Draper, UT 84020
Phone: 810.639.0078

Email: steve@delucaagency.com