Owning a condo puts you in a unique position. Unique because you have the potential for both common (owned by the association) and individual insurance needs.
The owner of your condominium complex is required to carry a “master insurance policy” which will cover the buildings and other common areas, such as walkways.
But, did you know that your condominium’s association’s master insurance policy ONLY covers the exterior of the buildings and common areas? Any interior coverage is left for you to insure and protect! Interior walls, carpet, personal possessions, liability if someone were to get hurt in your unit, are left for you to individually safeguard.
This is why it is important to get proper and adequate coverages for your condo!
We made a list of some things to research and consider when shopping for condo insurance to help you in your insurance needs decisions:
Your Association
How much coverage does my association carry?
Are there parts of the building or property they don't insure?Do I have to pay the deductible if I have to make a claim against the association's insurance?
What are my insurance responsibilities?
Your Unit
How much would it cost to repair the interior of my home if it were damaged?
How can I make my home safer and possibly save money?
Should I purchase flood insurance?
Your Property
What would it cost to replace the contents of my home?
Do I have an inventory and photographs of my personal possessions?
You and Your Guests
What kind protection do I have against liability claims?
Will my guests' medical expenses be covered if they are accidentally injured on my property?
Your Coverages
What additional protection can I get for special assessments?
What additional protection can I purchase for my personal property such as: jewelry, electronic equipment, cellular phones and other special items?
How often should I reevaluate my coverages?
Do I need or have reimbursement for additional living expenses if I can't live in my home due to loss?
Enjoy peace of mind knowing your unique insurance needs are understood. Discover what discounts are available for condo owners and get a condo insurance quote from us today!
