Condo Insurance FAQ

As a condo owner, you are probably aware that your insurance needs lie somewhere between that of a renter and a traditional home owner. Generally speaking, you will more than likely need two policies in order to get the insurance coverage that you need.

The condo association has a master policy that will cover physical damage and liability to areas such as hallways, basements, and the lobby.

Additionally, your policy will cover personal property. Your condo insurance will also cover you for items such as light fixtures, appliances, cabinets, and living expenses, if your home is damaged by something that is outlined in your policy. Liability protection will also cover you for injuries that visitors could sustain while on your property.

What is covered by your townhouse association master policy?

To get detailed information on this you will want to read your association's bylaws. This will outline the master policy that they have as well as what is covered. Some associations insure the entire building as it was when built. This would in turn exclude any renovations that you completed on your own.

Is water damaged protected?

There are some condo insurance polices that cover against this, and others that do not. When buying a policy you will need to look into this.

Is personal property coverage necessary?

Most condo insurance policies will cover your personal property up to approximately $2,500. Of course, this will change based on the policy that you buy. If you have expensive items in your home such as furs or antiques you may need to purchase additional coverage.

Do I qualify for any discounts?

If you have ever shopped for condo insurance you know that it can be expensive. You will be best served to shop around, and ask about any discounts that may be available. You may be able to decrease the cost by increasing your deductible or installing safety features such as fire alarms or a home burglar system.