Condo Association Coverage

For buildings that are part of a condo association, the common areas and the structure will be covered under the master policy of the condo association. These areas may include the roof, boiler room, hallways, and other shared areas like the swimming pool and common rooms.

In specific cases, the master policy may also cover the structure of your condo unit which includes wall and floors. However, some policies may protect your structure’s original construction and fixtures, while some might only cover the bare walls, floors, and ceilings. Go through the details of what your association master policy covers and decide which types of coverage to take for your personal condo policy.

Condo Owners Insurance

Condo owner’s insurance protects your unit against perils like vandalism, theft, and fire. A typical condo policy covers the following areas:

• Building Property Protection — covers for your condo unit, walls, and interior deco’s like inbuilt fixtures and bookcases.
• Personal Property Coverage — this covers your personal valuables like electronics, appliances, clothes, books, and other household items you want to be covered in case of loss.
• Personal Liability Coverage — protects against any accidental injuries for visitors coming to your condo. This becomes helpful if you’re named in a lawsuit and also caters for medical bills for the injured individuals.

Levels of Personal Property Coverage

Condo owners can decide which levels of coverage will meet their needs and budgets. These include:

• Actual cash value – this is a form of coverage designed to assist you to replace your personal belongings after factoring in depreciation.
• Replacement cost coverage – this will help you to replace your belongings without taking into account any depreciation.

When insuring your condo unit, ensure that you get adequate protection for items not covered under the association’s master policy. Discuss with your agent and find the right insurance coverage.