Condominium Insurance

If you own a condominium, certain common areas of your building are most likely insured by your association's insurance policy, but the interior of your unit as well as your personal possessions and liability are not.

A condo owner's policy will cover you in situations of theft, damage to the condo interior or your personal liability.

Check with your condominium association bylaws to determine your responsibility.

The coverages under the condominium association's master policy is determined by the association's by-laws/articles and other laws as well. The master policy coverage will often stop at the exterior walls of the building, which means you are responsible for the interior and your personal possessions. It is essential to find out from your condo association what the bylaws state you are responsible for because rules often differ between each association.

  • It provides for repair or replacement of your personal property in the event of a covered risk or "peril" that is outlined in the policy. Common perils named on most renter's policies include:

    • Fire
    • Weather
    • Electrical surge damage
    • Equipment failure
    • Explosions
    • Glass breakage
    • Collapse of roof or walls
    • Falling trees and objects
    • Damage by vehicles
    • Theft or burglary
    • Vandalism and malicious mischief
  • In this day in age, law suites are extremely common and all it takes is something as simple as a neighbor tripping on your front porch to trigger enormous liability expenses. This coverage applies whether the accident occurred on your property or anywhere else. Liability protection covers medical expenses and other compensations for injuries, and costs of a liability lawsuit for a covered incident.

    It is important to know how much your assets are worth to determine the correct amount of liability coverage. In some cases, it may be necessary to get an umbrella if your homeowner's liability coverage is not sufficient or broad enough to cover all of your assets.
  • Depending on your unique needs, you may want to add additional coverages to your policy. Available coverages or "endorsements" vary depending on the insurance company. Our agents can help you understand your options but below are some samples of special endorsements that are commonly accepted by our carriers.

    • Replacement Cost - This optional endorsement will pay to replace the parts of your condo your responsible for and your personal belongings with no deduction in appreciation based on the underlying coverage limits of your policy.
    • Loss Assement - If a condo association has a loss and the association's insurance is inadequate to cover the loss, the association is permitted to assess each unit owner for the excess amount. However, since there is no negligence on the unit owners part, this is generally not covered by the owner's own liability portion of his policy. The loss assement endorsment will protect against this additional loss scenario.
    • Home Business - If you run a business out of your home, a permitted incidental occupancies endorsement protects business equipment and can also protect you from the potential liability if you meet clients at your home.
    • Scheduled Personal Property - We recommend purchasing this coverage if you own "high valued" personal property that could possibly exceed the limits of your policy. These may include jewelry, collections, fine arts, electronics, athletic equipment, etc.