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Condo Insurance

Many condominium associations have an insurance policy; however, you still may need insurance to protect your personal property and personal liability. If your home happens to be a condo, you have choices.

Do you know how much of the condo you own?

Depending on your condo association agreement (other names may be “Declaration of Condominium” or “Master Deed”). Your responsibility will typically fall into one of these categories:

“Air space” Ownership – you own the inside of the unit, starting from the unfinished interior surfaces – walls, floors, and ceilings. Generally, this does not include fixtures or built-in appliances. You might only be responsible for insuring your own belongings such as furniture, electronics, and clothing.
“Bare walls” Ownership – You will need broader insurance coverage for this type of condo agreement.
This ownership is broader, starting from the roof trusses, floor slabs, and exterior walls of the building. This generally includes interior walls, stairs, doors, closets, cupboards, built-in appliances, and heating and cooling systems.

Condo Coverages include:

Personal Property Coverage
Coverage for your furniture and personal possessions against covered risks, such as fire and hail. It ensures that your property is protected up to the amount of protection you purchase.
Theft Protection
Protects your property against many types of theft loss in your condo or anywhere in the world.
Special Limits of Liability for Certain Possessions
Coverage for certain types of property (e.g., coins, watches, furs).
Personal Liability Protection
Coverage for bodily injury and property damage to other people when you or covered residents are legally at fault, as well as legal costs due to a claim or lawsuit for accidentally hurting someone or damaging their property. Usually, condominium policies provide a minimum of $100,000 of coverage.
Medical Payments
Liability coverage can pay up to a specified dollar amount per person for needed medical expenses, regardless of legal responsibility, for visitors who accidentally get injured on your property.

Damage to Property of Others – if you accidentally damage someone else’s property while in your care, your policy can cover damages up to a specified dollar amount.
Condo Additional Living Expenses – coverage for living expenses (e.g., hotel, meals, etc.) up to a percentage of the content’s coverage amount you select if your unit is damaged, and you have to move out while it’s being repaired.
Dwelling, Additional & Alterations – depending on your condo declaration/by-laws or the state where you live you may need additional coverage for additions, alterations, and other improvements made to your unit.
Loss Assessment Coverage – if a condominium association assesses all unit owners with common property damage, this coverage can provide protection
Coverage for Other Structures – structures like detached garage or shed may not be considered common property and therefore generally are not covered in an association insurance policy.

Condo Insurance

Do you know how much of the condo you own?

Condo Coverages include:

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