Condo Insurance Nashville

Whether you live in a high-rise near Broadway, a modern unit in The Gulch, or a historic condo in Germantown, it’s important to know your condo owner's association’s (COA) master policy (an insurance policy for the building and common areas) might not fully protect your unit.

In fact, you may be responsible for:

• The finishes inside your condo (walls, flooring, cabinets, etc.)
• Your personal property
• Liability if someone gets hurt in your unit
• Costs related to if your unit becomes uninhabitable after a disaster.

From harsh rains to theft and vandalism, there are risks that you need to be protected against. And a condo insurance policy can help with that.

Your COA’s master policy has different levels of coverage, and that can influence what you need on your own policy. It’s best to familiarize yourself with your COA’s policy before building your own.

Here’s a brief breakdown of what a COA master policy may include:

• Bare Walls: Covers the common areas, exterior of buildings, roofs, elevators and hallways only.
• Single Entity: Covers the same as bare walls, but also structural elements within units such as original fixtures, flooring, and appliances as they were first installed.
• All-In: Covers everything from the other options as well as any upgrades or improvements that have been made to the units. It also pays to replace a unit if it was deemed a total loss.

None of these COA options cover your personal belongings or liability, which is why a personal condo policy is so important.

Other factors to consider for your policy include:

• The value of your belongings
• Liability risks (pets, short-term rentals, etc.)

Individual condo insurance policies (also referred to as HO-6 insurance) give you protection where your COA’s master policy may not.

A standard condo insurance policy usually includes:

• Personal Property: Coverage for your belongings, such as furniture, clothing, certain electronics, etc., from theft, fire, or other covered incidents.
• Personal Liability: Coverage for medical expenses and/or legal feeds if someone is injured in your unit, or if you cause damage to another unit (like a water leak).
• Dwelling/Building Property: Coverage for the interior of your unit such as walls, floors, ceilings, built-in fixtures, etc., if they’re damaged from a covered risk.
• Loss of Use: Offers assistance for temporary lodging and other expenses if your condo becomes uninhabitable due to covered damage.

Depending on the COA’s master policy or your personal preference, additional coverage is available for condo policies:

• Water Backup Coverage: Assistance against damage from drain or sewer backups, which may be helpful in some of Nashville’s older condos.
• Scheduled Personal Property Coverage: Provides higher limits for valuable items (jewelry, art, etc.) that exceed standard coverage.
• Flood Insurance: Not covered by standard policies. Helpful for those in flood zones or possible first floor condos.
• Earthquake coverage: While not on a fault line, Nashville is between two large seismic zones, which makes this a potential addon depending on the location of your condo. Not covered by standard policies.

This may not be every single option available, and the descriptions are general in nature to give you an idea of what they cover.

Goosehead agents work with you to find the best coverage for your needs while making sure you don’t pay for what you don’t need.

On average, condo owners in Nashville pay anywhere from $500 to $700 a year for coverage.

What you pay is based on more than just your coverage selections, limits, deductibles, and carriers, however. Other factors include:

• Location: Certain areas of Nashville see higher rates of theft or natural disasters
• Age and Construction: Older units may be more costly to repair
• COA Master Policy: What the master policy covers informs what to include on your personal policy
• Claims History: Frequent claims often lead to higher rates
• Credit Score: Insurers can use your credit score as a rating factor
• Rent Out or Live In: Whether you live in or rent out your unit will impact your rates.

There are things you can do to your home, or discounts you can acquire to help you save on your premium. Strategies include:

• Bundling policies: It's common practice to help save if you bundle condo insurance with another policy, such as auto.
• Install features: Carriers often offer discounts if you install safety devices like alarms or water sensors to help mitigate water damage.
• Shop around: Goosehead makes it easy to get competitive rates and change carriers with ease if there's a better rate for you.
• Ask about discounts: There may be some unique discounts that you could qualify for, so it doesn’t hurt to ask your agent about what’s available.

At Goosehead, we’re able to shop multiple offerings on your behalf, saving you time and effort, to make sure you get the best fit for your needs.

Here’s why condo owners trust us:

• Customized Coverage: We work with you to learn your needs and budget to find a policy that is tailored to your needs.
• Tennessee Knowledge: Our agents are Tennessee experts, so they know what to consider for your policy.
• Commitment to Service: From quotes to binding your policy, our agents offer high-quality support at every step.