A condominium is a different kind of investment that needs a different kind of insurance.

While the policy held by the condo association covers your unit’s building and the common areas, what that policy won’t cover is damage to your belongings or personal property as a result of vandalism, theft or fire. In the event of a lawsuit, it also won’t cover any of your personal liability.

Condominium insurance is an indispensable protection, and the licensed professionals at InsuranceAgency.com can help you to find the best policy to protect property including furniture, clothing, appliances, other personal belongings, and even covered items that you take with you when you travel. Good condo owner insurance should also cover additional living expenses (such as rent and moving?) should you need to relocate during repairs.

With many condominiums, there is a master policy to cover the building and common areas. The way this master policy is written will determine what structures are the responsibility of the unit-owner, including plumbing, doors, and windows. It’s up to you to understand what the master policy for the property covers so that you can purchase a condo owners insurance policy that will protect your investment in the unit and help you to avoid any gap in coverage.

Here are some of the coverages contained in a condo home insurance policy:

  • Property Coverage on the Unit, which includes portions of your unit’s interior: walls, partitions, built-in appliances, aesthetic alterations to the unit that you solely own, as well as the materials and supplies that went into the improvements of your unit. The owner of the condo unit is responsible for any item from the wallboard in, including piping, plumbing, and fixtures. Each condo association has declaration rules that should be referred to, especially for windows and doors. Every condo assessment is different.
  • Personal Property Coverage, which includes the possessions in your unit along with property in common areas such as garages, recreation rooms, and the like. Even better? Your property is also insured off-premises if something should happen to your belongings when they come with you on a trip
  • Additional Living Expenses Coverage, which will reimburse you for certain expenses if your unit is damaged by causes covered in your policy. If you need to move out to make room for repairs, this coverage will pay for the cost of rooms and meals. Should you use your condo as a rental property, this type of coverage will also reimburse you for loss of rent.
  • Personal Liability Coverage, which will protect you and the family members in your household from claims of property damage or bodily injury from other parties.