How Does Condominium Insurance Differ From Traditional Homeowners Insurance?

Condominium owners living in and around Sandpoint, ID  are not required to purchase condominium insurance under the law, however, most banks will require that they do so. Many people have questions as to what the key differences between condominium insurance and traditional homeowners insurance are, and we will discuss them in this article. 

Master Policy

One of the greatest differences between conventional homeowners and condominium insurance is the need for a master policy. The master policy refers to the insurance that is purchased by the condominium association, and this will cover all the common areas, stairwells, building exterior, and property that the edifice sits upon. 

Situations Covered Under Master Policies

Master policies typically carry two types of coverage: liability and property coverage. The liability portion of the policy will cover the cost when someone is injured and files a lawsuit, and it can also cover the medical costs associated with the injury. Property damage coverage will take care of the common areas when they sustain losses due to the wind or other disasters. 

Condo Owner’s Insurance

Each condominium owner will pay an equal share of the master policy price to the condominium association, and they will need to purchase a separate policy for their personal property. A bare walls-in policy will cover the walls and framing, and an all-in policy will cover fixtures, cabinets, and plumbing, both of which are distinctions that do not exist with conventional homeowners insurance. 

The Insurance Shop USA Can Help You

We have experience serving the residents of Sandpoint, ID, writing a variety of insurance policies that will cover them in all their day-to-day activities — and we can do the same for you. We invite you to call us or to stop by our office at The Insurance Shop USA to discuss all your homeowners, automobile, life and condominium insurance needs. 


4 Types of Insurance You Might Need to Cover Your Farm

Coverage for your farm combines elements of a homeowner’s policy with commercial property insurance, as many farmers live where they work. If you farm in the Sandpoint, ID area, The Insurance Shop USA may have just what you are looking for. Here are some different types of insurance you may encounter when seeking coverage for your farm.

Crop Insurance

There are a couple of different kinds here.

  • Crop-Hail Insurance- This one is pretty self- explanatory. It protects your crops in the event of hail. Many farmers purchase this for high-yielding crops.
  • Multiple Peril Crop Insurance (MPCI)- In some cases government subsidies are offered to farmers to offset the costs of insurance. The MPCI is part of the Federal Crop Insurance Program. It covers loss of crops from a number of natural causes such as drought, moisture, disease and extreme cold. MPCI also includes price protection to cover farmers’ revenues in the event of a low crop yield or changes in the market.

Livestock Insurance

Much like crop insurance, livestock insurance protects your investment in your cattle should a covered accident occur. If a fire, blizzard or other natural disaster should strike, you will be covered.

Property and Casualty Insurance

This covers your property against things like theft and vandalism. It provides liability coverage if someone who works for you gets injured on the job. This may also be called commercial property insurance.

In the state of Idaho, if you have one or more employees, you must also carry Idaho Worker’s Compensation insurance.

Home Owner’s Insurance

Because farmer’s tend to live where they work, homeowner’s insurance should be a part of your package. Make sure that not only your Sandpoint, ID home but out buildings are covered. Depending on their use, out buildings may also be covered by commercial property insurance.

When your home and livelihood are both on the line, it is important to make sure you have the right coverage. Don’t be afraid to ask your insurance agent about discounts for bundling policies. And if you are looking for farm insurance in Sandpoint, ID, be sure to check out The Insurance Shop USA.