Even if your condominium association has coverage, condo insurance can be essential. While the association’s policy might cover the building structure, commonly owned property, and liability for shared areas, it may not cover your individual unit or personal belongings.

For example, if your unit experiences a break-in, water damage to your living room walls, or if someone slips on your wet kitchen floor and gets injured, the association’s insurance likely won’t cover these incidents. You need condominium insurance specifically designed for condo or co-op owners to protect your personal property and the interior of your unit. Additionally, condo insurance provides liability protection for bodily injury or property damage to others.

The articles of the condominium association and state law determine exactly what’s covered under the association’s master insurance policy.

In most cases, the association’s coverage only extends to the exterior walls of the building. This means you are typically responsible for the interior walls, fixtures, personal property, and liability risks within your unit. This is where your own personal condo policy becomes essential. Most policies cover losses resulting from:

A) Fire or lightning

B) Windstorm

C) Smoke

D) Vandalism or Malicious Mischief

E) Theft

F) Accidental Discharge of Water

When it comes to insurance for your condo unit, you should ensure coverage that fits your needs. We can help you tailor a condo insurance policy that’s right for you. Contact us today!