Condo Insurance

Condo Insurance

Condos are a great alternative to renting an apartment or owning a single family home, but they come with their own unique insurance needs. Condominium insurance provides coverage for your personal belongings as well as coverage for structural improvements to your dwelling and additional living expenses if you are forced to temporarily relocate during a repair or rebuilding of your unit following a covered disaster.

What condo insurance doesn’t cover

As the owner of a condo unit, you obviously don’t own the entire building or complex. You own your own unit and share ownership of the rest of the complex with all the other owners. The condo association has a master insurance policy which covers the condominium building and common areas, including elevators, hallways, walkways, the lobby, and basement, and liability insurance for the association. They also have by-laws or association rules which state what is insured through the master policy and what is not. Unfortunately there are many cases where that insurance policy won’t cover you or your things—like a break in, water damage to your walls from the unit above, or someone injuring themselves in your unit. That’s why you need condominium insurance designed specifically for condo or co-op owners.

What condo insurance should cover

Condominium policies help protect your personal property and the interior of your unit. The unit owner is usually responsible for insuring everything within the walls of the condominium. This includes both contents (furniture, electronics, clothing, jewelry…) and structural items (countertops, cabinetry, built-ins, flooring, window treatments…). You will also have liability protection for bodily injury or property damage to others. In the event of a fire or other disaster, the association’s master insurance policy will cover rebuilding the complex, but your personal condo insurance policy will be needed to replace your belongings and everything else within the walls of your unit. Most policies will include coverage for losses arising from:

  • Fire or Lightning
  • Windstorm
  • Smoke
  • Vandalism or Malicious Mischief
  • Theft
  • Accidental Discharge of Water

Additional coverages

In addition to your condo insurance policy you might also want to include:

  • Unit assessment to pay your share of an assessment charged to all unit owners by the association for the repair of loss sustained through damage to the common areas.
  • Flood or earthquake insurance since these disasters are not typically covered by your condo policy.
  • Water back-up coverage pays for loss caused by sewer or drain back-up.
  • Additional coverage for expensive belongings such as furs, collectibles, jewelry, etc.
  • Umbrella liability to supplement your standard condo insurance policy.

The insurance professionals at Boizelle Insurance Partnership have extensive knowledge and expertise in condo insurance. Contact us now for a complimentary review of your current policy. We are happy to answer your questions and help you with coverage choices and possible discounts so that you and your belongings are fully covered at a price within your budget.