Build on Your Association’s Coverage For a More Complete Peace of Mind
Condo Insurance is very different from Renters Insurance. There’s more you need to protect than just your possessions.
Most condominium associations insure the building’s structure and common areas, but each unit’s interior construction is the responsibility of the homeowner. If your condo is destroyed, it may be up to you to replace drywall, flooring, cabinets, lighting fixtures and so on.
Also bear in mind that if you are found liable for damage to a common area – say your adorable new puppy rips up the Berber carpet in the lobby; you may be responsible for repairs.
To make sure you have the right policy coverage, let your agent know what deductible amount your association’s policy has.
Who’s Responsible for What?
- Typically your Condo Association is only responsible for the structure.
- Typically you are responsible for all interior fixtures and construction.
Your Condominium Insurance Policy Will Include:
· Personal Property Coverage
Covers the loss or damage to your stuff
· Real Property Protection
Coverage for things you own such as fixtures and other installations that are not typically considered personal property
· Family Liability Protection
Provides legal representation and insurance against judgments
· Guest Medical Protection
Covers medical costs for visitors injured at your home
· Additional Living Expenses
Reimbursement for costs of temporary housing during reconstruction
· Building Property Protection
Condo owners are typically responsible for insuring their units, and the association is generally responsible for the exterior of the units and the association’s property.
Loss Assessment Coverage
This would pay for your share, up to your policy limits, when your association requires an assessment on all unit owners for certain covered losses.