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What You Should Know About Insuring Your Condominium
What is condominium insurance?
Condominium insurance is similar to homeowners insurance but is designed for the specific needs of condo
living. Many families choose condos because of the convenience of on-site maintenance and access to community
amenities. In this environment, the main structures of all buildings and common areas are covered by
an insurance policy held by the condo association. However, a personal condo unit owner's insurance policy is designed to cover the property damage and liability risks of the unit owner.
Why should I purchase condominium insurance?
While your association is responsible for insuring the building, you are responsible for insuring your personal
property, portions of the unit (such as appliances, flooring, fixtures and more). You may also be responsible
for damage you may cause to other units. Condo insurance is beneficial for all condo owners as well their
visitors. In fact, most mortgage companies require condo owners to purchase a policy for the duration
of their loan. Condo insurance may cover damaged, lost or stolen property due to fire, theft or natural
disaster. This protection could extend to interior furnishings, including walls, flooring, ceilings,
appliances and fixtures.
In addition, this type of policy could cover you against liability claims. If you are found liable for a
visitor’s injury, condo insurance could cover associated medical expenses and/or legal fees.
What types of coverages do you need if you own a condo?
Dwelling - This coverage is needed to insure your floors, wall coverings, appliances, fixtures,
cabinets and any upgrades you or a previous owner has made. Make sure this coverage is a "Special Form."
You can estimate about $50
or more per square foot, depending on the quality of materials and features of your unit, and what
you're responsible for.
Personal Property - This coverage is needed to insure your furniture, clothes, electronics,
Scheduled Articles - This coverage is needed to insure your jewelry, silverware, furs, fine
arts, guns, and collectibles. Insurance policies have limitations for these types of high valued properties.
Loss Assessment - Did you know your association can charge you for things like, their insurance
deductible, or a loss where they don't have any or enough insurance. If your policy covers the cause
of loss, it will cover the assessment. Most policies will give you only $1,000 loss assessment coverage,
but it can be increased. This coverage is so inexpensive, that we recommend having at least $50,000 coverage.
Personal Liability - This coverage will pay for injuries to others or property damage
you're legally liable for. We recommend having at least $500,000 coverage.
Medical Payments - This coverage will pay for medical payments for injuries (to others)
that occurred in your unit, whether or not you are legally liable. We recommend having at least $5,000
Other Structures - This coverage is needed if you have a structure such as a carport or
Got questions about condominium insurance? Please call us at 847-430-3342 or email us.