Germantown, WI Insurance - Frydach Insurance

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Condo Insurance

Germantown Wisconsin Condos

When you buy a condominium, you are considered a homeowner, but in many ways owning a condominium is different from owning a single family home. A condo owner will have two separate stakes; their individual condominium unit, and the shared common areas and amenities of the building. The unit is owned by the homeowner while the common areas fall under a shared ownership with the building association where fees are assessed, and various rules are made in order to bring some cohesiveness to the condo owning experience. Unlike a house, a homeowner will not need to single handedly insure the building. This is taken care of collectively by the entire association. Condo owners should always take the time to review the association’s policy to assure that they are satisfied with the coverage offered.

Covering Your Unit

In Wisconsin, condominium owners are required to carry HO6 Homeowner’s insurance.  H06 insurance has not always been required, but over the past several years it is required for condo owners who carry a mortgage in all 50 states as well as the District of Columbia. An HO6 policy is differentiated from a regular condominium insurance policy because it is the policy that covers the owner’s belongings in their condo beginning on the day they move into their unit. It will also cover improvements they make, such as buying new appliances or carpeting. The requirement for HO6 condo insurance came in response to the housing crisis that happened in the 2000s and was part of new regulations imposed by both FHA and Fannie Mae.

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HO6 condo insurance offers limited coverage for individual unit owners with property, liability, medical, and living expenses. By law, the HO6 policy needs to cover $1000 worth of damage or loss that might occur due to various natural disasters, fire, theft, vandalism, and damage from falling objects or aircrafts. Wisconsin condo owners often choose the get more than the minimum amount of coverage in order to truly feel protected and prepared in case any of these scenarios actually happen.

Personal Liability

Most condo owners carry around $100,00 worth of liability coverage that is designed to take care of damages or injuries that you or a member of your family household — including your pet– cause. In addition to taking care of others who are hurt due to your negligence, a personal liability policy will cover you if someone makes a specific claim against you and you need to defend yourself.

Medical Payments Coverage

Sometimes it isn’t easy to determine who has caused an accident, but bills still need to be paid while the details of fault are being sorted out. Medical payments coverage offers at least $1000 worth of coverage, regardless of who is at fault for an accident. An example might be a guest falling in the condo unit during a party, not because your home is unsafe, but because they were drinking and their balance was compromised.

Personal Property Coverage

Personal property coverage is for damages to property kept inside your home that belongs to you or other family members who live with you. The condo owner can choose how much coverage to purchase. Condo owners should carefully assess the value of their belongings before choosing how much coverage they want by taking inventory of their belonging and the value. While TVs and computers quickly make the list, many are surprised by how fast the “little things” such as clothes, pots and pans, towels, and even the toaster add up.

Other Coverage

Although other condo insurance isn’t required, several other things are worth covering. Some of these include

  • Loss Assessment Coverage – for the condo unit’s share of coverage for mishaps that happened in common areas.
  • Reasonable Repairs – in order to fix damage caused by a qualifying situation.
  • Trees, Plants, and Shrubs and Debris coverage – damages to landscaping, house plants or gardens would be covered here. Coverage for plants is usually limited to $500 per item, but it can add up quickly. Debris coverage will take care of the mess made by fallen debris.

Consider Flood Coverage

Many people mistakenly believe that flooding is covered under home owner’s insurance, however it is not. This includes condo owners. By keeping flood insurance policies separate, insurance providers can assess their client’s flood risk more accurately, and avoid driving up premiums for those who have less of a flood risk. If you feel the need for this protection, you should discuss it with your insurance agent.

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Finding the Right Policy

Depending on what a condo owner values and the risks involved in owning a home in a particular area, what’s included in a condo insurance policy can vary a lot, and so can the cost. At Frydach Insurance, we work with a wide range of insurance providers that offer something for just about everyone. While you can research on your own, it is more beneficial to work with an agent who knows the market and can help you find the fit you need. To learn more about your condo insurance options, contact Frydach Insurance today.

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Reviews

Debbie is very knowledgeable about insurance and she really has her client’s best interests at heart. She is honest and easy to work with. Let her do your insurance shopping for you!

Matt Fehring
Great insurance agent, great lady, rides a Harley
Terri Stolberg

I have known Debbie for over 25 years, we met and served on a few Church committees together. Once she started her own Insurance agency, I moved my families Insurance. I have had excellent service, and I refer many of my mortgage customers to her. I trust her completely. I believe that her combination of high personal ethics and the selection of insurance companies to choose from is an unbeatable combination.

RANDAL GRGICH

Debbie has handled our home and auto insurance needs for around 20 years, from when my wife and I were just getting established after purchasing our home, to now, where Debbie just finished handling the insurance for our latest car purchase. 

We’ve always appreciated how fast and responsive she is, and it never ceases to amaze me how active Debbie is with respect to managing our accounts.  I can’t count the number of times Debbie has identified potential problems with coverage related to, for …

Ron Clesen
Debbie is always very professional and easy to work with. She takes a great deal of pride in making sure that her clients are well taken care of.
Randy Vogler

Debbie is great! She has made all of our transitions easier!

Amy Turim

They work really hard to get you a good price on insurance. Been with them for 6 years. Highly recommended!

Jessica Thurloff

Debbie is Excellent! She helps you get the best rates. She is also always available if you need her for anything from getting some information to status on a claim. She knows her stuff when it comes to insurance! I would recommend Debbie to anyone looking to having a hassle-free insurance agent!

Adam Syvock

Debbie was extremely helpful. I had been with another carrier for over 40 years and the rep never reached out for updates or review of my coverage.

Kathleen B

Outstanding quality customer service in a time when no one seems to know what customer service even means anymore, much less quality.  My brother recommended Debbie years ago, just over 13 years ago and it was one of the best decisions I have ever made.  She insured my first truck, motorcycle, sports car, and many other vehicles along the way, along with my first home and current home.  She is helpful, honest, and always willing to go the extra step.  I remember her driving down to Milwaukee…

Brian C

Contact Us

Frydach Insurance Agency
W175N11163 Stonewood Drive #229
Germantown, WI 53022
262-437-0036

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Monday - Thursday: 9:00 - 5:00
Friday: 9:00 - 3:00
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