We have paused offering personal lines products to NEW customers because of circumstances beyond our control in the insurance market. We will continue to serve our existing clients and do our best to secure coverage. Such products include homeowners, private automobiles, umbrellas, landlord coverage, renters, and other personal property insurance. Thank you for understanding!
A condominium’s insurance needs differ from other living situations, because each unit in a building is usually owned by a different owner. Unit owners work together with the condo association, who is responsible for common areas and oversees the management of all buildings.
Types of Condominium Insurance
Condominium Master Policy
The master policy is purchased by the condo association rather than by an individual. Condo owners usually pay an association fee, a portion of which goes towards this insurance policy. The condo master policy must cover general liability and common property, including condo buildings, but there are many other options that can be added.
- General Liability – This protects the association from liability against injuries that can occur on the property. For example, if there is a condo pool and a guest slips on the pool deck and sustains injury, the liability portion of the insurance policy is intended to cover costs associated with it.
- Property – Similar to a homeowners insurance policy, this portion of the master policy is intended to cover common areas of any condo buildings or any common buildings. This includes elevators, hallways, roofing, basements, sidewalks, and machinery or equipment. This generally covers things like theft, fire, lightning, or frozen plumbing.
Condominium Unit Owner Policy
The extent of your condo unit policy depends on the coverage provided by your condominium association. Condominium unit owner insurance policies come in several varieties when it comes to insuring condo buildings.
- The first option is to insure the basic condo buildings as far as walls, roof, floors, hallways and elevators, but leaving individual condo owners responsible for anything inside the unit, such as appliances, cabinets, and carpeting.
- The second option is to insure the basic condo buildings and everything inside the units except for personal property of the owner or tenant and owner modifications and additions.
- The third option is to insure the basic condo buildings, including condo owner improvements and additions.
Your insurance broker can help you determine the best way to insure your personal property and your condo unit, whether you live in the condo or you’re renting it out.
How Do I Get Condominium Insurance?
If you are looking for more information, either for your condominium association or for your individual condo, Request a free quote.