Condominium Coverage You live in a condo, and the association has insurance. So why do you need insurance, too?
Your condominium association insurance covers the condominium building, commonly owned property, and liability insurance for the association. But that insurance doesn’t cover losses to your unit as a result of a burglary, if water damages ruins your living room walls, or if someone slips on your wet kitchen floor and is injured.
That’s why you need condominium insurance – this policy is designed specifically for condo or co-op owners to protect you from losses to your personal property and interior of you unit. You will also have liability protection for bodily injury or property damage to others.
Before You Buy Insurance
Before purchasing a condominium policy, check with your condominium association to make sure you’re buying the insurance you need.
- Find out what parts of the buildings interior walls are covered by your condo association’s insurance and what items are your responsibility. Then make sure that you have adequate insurance to cover repairs or replacing the items for which you are responsible.
- Estimate the cost of replacing your personal property.
- Make sure to purchase adequate liability coverage for your unit and personal exposures.
- Sometime association has insufficient funds, you may be assessed a proportionate share to pay for damage to your building and other situations. Make sure you purchase Loss Assessment coverage in the amount of $10,000 or more.You may add other coverages to your homeowner’s policy to reflect your specific needs.
The buy-laws of the Condominium Association determine exactly which building components are covered under the association’s master insurance policy. In most instances the association’s coverages stop inside the exterior walls meaning that you are responsible for the interior walls and possibly for fixtures, as well as your personal property and liability coverage.
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