Condos are quite different from houses in many ways since they don’t have basements or backyards. A condo owner, for example, doesn’t have to worry about shoveling the front yard or cutting grass. Like the amenities differences, Insurance coverage for condos and houses also differ. Condo owners are responsible for insuring a section of their property on their own.
It’s important to understand how condo insurance works so as to choose the right coverage that suits your needs and budget.
As you move into your new condominium, are your belongings and property protected? The insurance coverage for condos is held by each condo unit owner and the condo association. The first step is, therefore, to check with your condo association concerning what is covered.
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 owner’s insurance protects your unit against perils like vandalism, theft, and fire. A typical condo policy covers the following areas:
Condo owners can decide which levels of coverage will meet their needs and budgets. These include:
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.
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