Condo Insurance

Understanding the basic components of Condominium Insurance coverage will help you determine the best coverage for your situation.

Building & Alterations
Depending on your specific association agreement, you may be responsible for everything within the confines of your condominium including cabinetry, carpeting and paint. Any permanent changes made to the unit will often need coverage.

Personal Property
A condominium policy requires an exact amount of property to be covered and you will need to consider anything that is not built into the unit such as personal belongings, computers, stereos, fine art and jewelry. Some of these items may need additional coverage separately to ensure proper protection in the event of a loss.

Liability
If someone outside your household is injured on your property, or should you become responsible for injuries to someone away from your property, this provides coverage for bodily injuries. Increased liability protection is available through Umbrella liability protection.

Loss Assessment
In a situation where unit holders become collectively responsible for property damage or a claim not covered by the association’s insurance, this coverage will help you pay for your share of the assessment.

Factors affecting condominium insurance costs:

  • Type of construction
  • Location
  • Age of building
  • Number of units
  • Level of coverage
  • Amount of deductible

Reduce condominium insurance costs with:

  • Higher deductibles
  • Central alarm
  • community
  • Smoke alarms
  • Sprinklers