Condo Insurance

Condominiums are becoming more popular all over the United States, and as the value of land continues to increase, they will continue to become more popular. When it comes to insurance, owning a condominium is different that owning a single-family home, and it is important that you understand the differences.

What is Condo Insurance?

This insurance is designed to cover your personal property, the interior of your unit and liability.

Who Needs This Coverage??

If your condo building was destroyed or seriously damaged, the condo association’s insurance is going to pay most of the costs incurred to rebuild the building. However, in many cases, you will be presented with an empty shell of a unit. There will be no flooring, no appliances, often no heat/AC.

How Does this Insurance Work?

Depending on the nature of the damage, you may need to file a claim with both the association’s insurance and your insurance. This would be in a case where damage was done both to the exterior of your unit and the interior. If someone entered into your condo by breaking a window or forcing a door, that damage claim would be filed with the association’s insurance. If that person did damage inside your unit or stole things from you, that damage claim would be filed with your insurance.

Are There Different Kinds of Policies?

There are different kinds of policies. To be sure that you get the right policy, you need to know what your association’s master policy covers.

If your condo association has an “”all-in”” policy or a “”single-unit”” policy the master policy covers appliances, wiring, plumbing and carpets, but not your personal property.
If your condo association’s master policy is a “”bare walls-in”” policy, it is not going to cover anything within your walls.

What are the Major Benefits of Insuring Your Condo?

In most cases, your insurance will cover the following:

• Fixtures
• Furniture
• Personal possessions
• Liability

First, check on that your association’s master policy covers. Then contact your insurance agent about getting coverage for your unit and your belongings.