The average age people in Arizona are around 36 years and with the virtue of high college population and outdoor offerings, AZ appeals to people from throughout the country. Regardless you migrated to Arizona recently or have been living around for a while, it tends to offer a lot. The state has a robust market for real estate whereas, rents are not so costly & get occupied swiftly. Only the Phoenix area is home for over 61% population of the whole state which depicts that it is a crowded & a city with a lot of hustle & bustle.
Wherever you might live in the state, if you consider your condominium is your home, you will definitely need to secure it as your valued assets against the odds of wind, fire, theft, and so forth. If you are an owner of a condo in Az you need to buy a Condo Insurance/Homeowners Insurance for a condo /HO6.
Facts about Condos in Arizona
- Overall, condo sales ticked up 3% to 18,741 in 2018, according to The Arizona Republic’s Street Scout Home Values.
- $140,000 – the average price of each condo in the Arizona state. For example, Goodyear’s 85338 ZIP code posted the overall median – $148,000
- An estimated time a condo stays on a list before being rented is around 50 days.
- The median rent for a condo consisting of 2 bedrooms is $1,300 per month.
- As much as over 40% of condo occupiers do not have any condo insurance.
The residence in a condominium is an ideal solution for a lot of single persons and even families as it proves to be a stair towards homeownership for some. For those who have retired or nesters, a condo offers a safe place to live your life along with advantages of landscaping, close neighbors & choice for amenities like pools or gyms. However, the significant aspect of living in a condo is to keep insurance as it safeguards your assets, financial prosperity, and overall wellness.
Basic of Condo Insurance
Condominiums occupy a special category in real estate. They’re not apartments. But they’re not houses too. Common Homeowners Insurance for a Condo usually includes:
- Liability cover for bodily injury & property loss: Accidents are meant to happen, and if one happens in your condo or even a visiting person got injured, you could be deemed as responsible for expenses like medical bills, damage, and suffering, etc. So, this insurance type protects you from such occurrences.
- Personal property: Your personal property is equally important and median renter possesses over $20,000 in the shape of personal assets and this insurance covers your assets.
- Vacant condo cover: In such a case when your condo is a vacant full time, it protects in your absence.
- Relocation assistance or damage of use: When your condo is damaged & considered as not in a condition to be occupied, this insurance type covers you to afford temporary housing while your condo is in the process of being restored.
When do you need Condo Insurance in Arizona?
Regardless you own or rent a condo, the need to have condo insurance HO6 is still there ever so important. For the ones who own a condo, insurance is a requirement levied by the lender until the loan is paid. The renters might not need the insurance by Arizona law, nevertheless, it is a sensible practice to have it so that your valued items can be protected against the likes of crime or accidents. There are enormous changes that your belongings won’t be covered by landlord insurance so it becomes essential in such cases.
Condo Owners Insurance Quotes in Arizona
The price of condo insurance varies due to numerous reasons. So while exploring condo insurance, make it sure to be certain about following information for getting a compact quote:
- Location of condo
- Residents in condo
- If the condo has gated access
- Value of belongings
- If the condo has a security system
- History of claims
- Your credit report
- Your driving record
Entire of these aspects are utilized in order to measure your individual condo insurance quote and while getting one, you will be provided for your options of reimbursements/repayment. One option is actual cash value which gives you the cost of items after deduction of depreciation. While the other option is replacement cost value which pays for items at a replacement but without any depreciation expenses.
Similarly, as far as risk is concerned, you will again two options. One is whole risk cover, whereas, the other is named-risk coverage which usually costs less than the other option but also offers cover for a limited kind of accidents.
Availability of discount
Generally, there are various discounts on insurance policies. However, as each agency offers different discounts, so the underneath list illustrated the most common discounts only. These include:
- Multi-policy discount
- New customer discount
- Paid-in-full discount
- Security system discount
- Loyal customer discount
- Good credit discount
- Claim-free discount
- Fire protection discount, etc.
Make sure to check all available discounts with your agent before buying HO6 insurance.
How to purchase Condo/HO6 Insurance in Arizona?
Protecting your assets & finances with condo insurance is a crucial perspective and it is thoroughly important to accompany a professional to get the best coverage as per your individual condition and circumstances. Our independent insurance agents are always there by your corner to help you recommend policies, explore discounts & assists in even filing claims as well.
Learn more about insuring a co-op or condo in this article from the Insurance Information Institute.
If you’d like to learn even more about homeowners insurance for a condo, please browse our Condo FAQ
Request a free Arizona Condo Insurance. Serving the Buckeye AZ and Phoenix AZ area, including Apache Junction, Avondale, Benson, Bisbee, Bullhead City. Camp Verde, Carefree, Casa Grande, Cave Creek, Chandler, Chino Valley, Clarkdale, Clifton, Colorado City, Coolidge, Cottonwood. Dewey-Humboldt, Douglas, Duncan, Eagar, El Mirage, Eloy, Flagstaff, Florence, Fountain Hills, Fredonia, Gila Bend, Gilbert. Glendale, Globe, Goodyear, Guadalupe, Hayden, Holbrook, Huachuca City, Jerome, Kearny, Kingman, Lake Havasu City, Litchfield Park. Mammoth, Marana, Maricopa, Mesa, Miami, Nogales, Oro Valley, Page, Paradise Valley, Parker, Patagonia, Payson, Peoria. Pima, Pinetop-Lakeside, Prescott, Prescott Valley, Quartzsite, Queen Creek, Safford, Sahuarita, San Luis, Scottsdale, Sedona, Show Low. Sierra Vista, Snowflake, Somerton, South Tucson, Springerville, St. Johns, Star Valley, Superior, Surprise, Taylor, Tempe. Thatcher, Tolleson, Tombstone, Tucson, Tusayan, Wellton, Wickenburg, Willcox, Williams, Winkelman, Winslow, Youngtown, Yuma and all other cities near me in AZ