Condo Insurance

Condos are a wonderful solution for those that want shared amenities and services while also enjoying the benefit of owning an asset. Having an ownership stake in a building tends to create more responsible neighbors, higher quality constructed buildings, and better maintenance for the structure and shared spaces. Condo insurance is also typically less expensive per square foot vs a home since the condo association policy covers the exterior of the building.

A condo insurance policy is different from a homeowner's insurance policy or a renter's insurance policy, so it's important to know what exactly it covers. Here is what you need to know.

What Condo Insurance Policies Cover

Dwelling Coverage - the condo association policy is typically responsible for covering the exterior of the building including the walls, roof, and liability exposures such as slip and falls on the sidewalks. The individual unit owner will typically be responsible for maintaining and insuring their own unit- the walls, floors, and ceilings from the studs, rafters and joists, inward. This includes permanently attached items and systems such as floor coverings, plumbing and electrical fixtures, cabinets and countertops, the HVAC units, and water heater.

Personal property coverage – The unit owner is also responsible for covering their personal property (items not permanently attached to the unit). This is your furniture, clothing, dishes, and all personal belongings that you would take with you if you moved. The condo policy will have coverage options for things such as jewelry, collectibles, additional living expenses if you are forced to vacate the premises due to a covered claim, association assessment coverage, and many other items found on a typical home insurance policy.

Liability coverage- There are many instances where you could be held liable for a guest's injuries on site. Although these instances are rare, it's still important to be protected from them. Condo insurance policies will cover you for liability on site and this personal liability coverage will cover the insured for many offsite claims as well.

Since the condo association policy and uniti owners policy are covering portions of the same structure, we always recommend obtaining a copy of your condominium association policy so that we can help coordinate coverage so that we are not duplicating items, but not leaving any gaps as well.

Contact us at MedInsure Group to find out more by calling us 877-403-8584 or scheduling an appointment with one of our team members here.

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