Condo Insurance

If you rent or lease a condo, you need to protect your personal property and liability with condo insurance.

What does condo insurance cover?

Your condo association’s insurance policy covers certain aspects of your condo such as common or shared areas. As a result, it may not cover the interior of your condo unit, and if it does, it might not cover any improvements you make or has been done prior to you purchasing the unit. A master policy does not cover your personal possessions nor your personal liability. A condo unit-owner's policy is designed to cover this gap. It will also help protect you from a large master policy deductibles which are becoming more common in this recent market.

Protecting your personal property in your condo.

Condo insurance covers your personal belongings inside your condo unit. That includes your furniture, clothing, and electronics. Reflect for a minute on how much it would cost to try to replace some or all of those items. For example, if there is a devastating fire within the unit that destroys your bed and electronics, it can be financially stressful to pay for these immediate unplanned expenses.

Know your liability coverage options when living in a condo.

In addition to property coverage, condo policies include personal liability, medical expenses, and loss of use/additional living expenses coverage.

What is loss of use coverage?

If your condo is uninhabitable due to a covered loss, this coverage will help pay for hotel bills or other increased living expenses incurred from being displaced.

The benefits of getting coverage for your condo.

It may seem confusing to figure out exactly what coverage you need for your condo unit as this coverage should seamlessly intersect with your master policy coverages if possible. The most important thing to know is that condo insurance is typically inexpensive in comparison to the potential out-of-pocket costs caused by inherent coverage gaps that exist if you rely solely on a master policy.

If you are living in a condo unit, you need condo insurance. Contact us to go over what your condo association doesn’t cover and how your policy may fill in the gaps.