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Condo Insurance Coverage
Ah, the condo life. No need to spend to mow the yard or cleaning gutters – you've got better things to do with your time, you’re a big city dweller. While your condo association's master policy covers the exterior structure, the master policy doesn't cover what's inside your condo unit. That's where our condo coverages and our companies’ options comes in, after all it's what's inside that counts.
Condo insurance protects what your association won’t
Condo associations have master insurance policies that only cover the things they’re responsible for, such as:
Association covers
Physical structure (roof, exterior siding, outside walls, windows)
Common areas (gyms, pools, party centers, etc.)
Your association may cover original features of your unit, such as the original floors, cabinets, kitchen countertops, etc. (if your association doesn't cover this, your insurance should)
Your personal property isn’t covered by the association’s insurance policy.
Your Condo insurance covers
Your belongings
Injuries on/around your property
Temporary living expenses during repairs
Property damage or injury lawsuits against you (even if the damages happen away from your condo)
Customizations /upgrades, such as new granite countertops, updated kitchen cabinets (if you alter/change the unit, you will then become responsible for it)
What kind of property insurance do I need?
Commercial property insurance covers your building if you own it, along with its contents also known as business personal property.
What other policy you can bundle with this one:
There are plenty of grey areas. Such as if your roof leaks and your furniture is damaged. Your condo association should pay for those damages as the roof is their responsibility. Or, let's say a pipe bursts and damages your upgraded kitchen cabinets. Some associations cover plumbing and electrical. So your association may pay for that. In both situations, your insurance should cover these if your association will not.
When you should consider condo insurance
Condo insurance is for you if you own a condominium, townhome, row home, or other unit that has an association. It's similar to homeowners, but often more affordable because it excludes coverages your association is responsible for.
If you have a mortgage, your lender will likely require condo insurance. We'll help coordinate the details with your lender. Plus, you'll usually be able to combine your insurance payments in your monthly mortgage bill (called escrow)
How much would it cost to replace my stuff?
Do you know the value of your belongings? It may be more than you think. Need to make an inventory to see what is the cost of replacing your things are to know the limits
Properties like:
STANDARD COVERAGES
Personal property
Your clothes, electronics, furniture, appliances, tools, power equipment, etc. are all covered (even if they're not in your condo). If you have expensive jewelry, art, or other items, you'll likely need separate coverage via riders or a separate coverage all together.
Upgrades and customizations
We'll cover most upgrades you've made, such as hardwood floors, granite countertops, new kitchen cabinets, etc. Some association's policies may cover the original furnishings, but very few will cover your upgrades.
Loss of use
If your condo is damaged, and you can't stay there during repairs, your insurance kicks in. Condo insurance covers hotel stays and meals (above what you'd normally pay).
Liability / Medical payments
(Covers injuries on your property)
This coverage is called personal liability. It covers lawsuits against you or your family members if you're responsible for someone else's injuries or damages to their property. You can add extra coverages for libel, slander, or other lawsuits.
Optional condo insurance coverages
Water back-up
Covers water damage from backed-up sump pumps and sewer systems. Sump pumps or plumbing/sewer systems can get backed up. If that happens, water can flood back into your condo, creating an expensive mess. Water back-up will then pay for damage to your belongings and water removal.
Personal injury
Covers uncommon but expensive lawsuits and situations
Personal injury coverage pays for legal fees and damages from:
- Slander or libel lawsuits (something you say/write that damages a person's reputation or business)
- False arrest, detention, or imprisonment
- Wrongful eviction
- Lawsuits against you, such as wrongful entry or malicious prosecution