get an arizona condo insurance quote

If you live in a condo, you may be mistakenly relying on your homeowners association's (HOA) coverage for most risks. In reality, though, most incidents that take place within your unit are up to you to have coverage for.

Damage to your unit

If a common area in your building is damaged, your HOA is responsible for the repair bills. But if a covered incident wrecks your unit's interior, it's up to you to pay for any damage. Luckily, condo insurance covers damages to your unit stemming from a wide variety of causes (like fire or certain types of water damage).

Theft and liability protection

In the event of a burglary, condo insurance helps pay to replace your stolen belongings. And if you accidentally damage someone else's property (or someone else, period), condo insurance helps cover your legal fees if you're sued.

Want to save money on your condo insurance? Depending on your insurer, you might be able to save more on your policy by qualifying for a variety of discounts. For instance, if your condo in Arizona has add-ons that protect the structure from high winds, you could qualify for the wind resistant home features discount. Or you could earn additional savings simply based on when the building or complex was built.

Housing inventory in Phoenix (the 6th largest city in the U.S. with 1.4 million residents) is typically at its highest in spring and summer, declining during the cooler months. And though the median asking price for a Phoenix condo has gone up in recent years ($269,900 in August 2014, as compared to $188,338 in August 2009), it's still a bit lower than the national median asking price at $278,136.