Condominium Insurance starts with understanding your Association by-laws
To ensure you and your insurance advisor designed adequate protection with a Condominium Insurance policy, it's important to know and understand the Association’s by laws or lease agreement, for example:
- In another situation, the Association may only be responsible for insuring the bare walls, floor and ceiling. Leaving you responsible for insuring the kitchen cabinets, built-in appliances, plumbing, wiring, fixtures, etc.
- Sometimes the Association is responsible for insuring the individual units as they were originally built. Any remodeling or alteration to the original unit by you or a previous owner could be your insurance responsibility.
A condominium insurance policy typically includes the following coverage up to the limits specified in the policy:
- Dwelling Coverage – interior unit of structural items that you are responsible for.
- Additional Living Expenses – if the dwelling becomes unlivable due to a covered loss.
- Personal Contents – including furniture, clothing, kitchen items, and other personal belongings.
- Liability – if someone is injured or has property damage while on your premises.
- Medical Payments to Others – helps to pay for medical or funeral expenses.
- Loss Assessment – when the Association charges an assessment to the unit owner as a result of a loss.
We invite you to consult with one of our Condominium insurance advisors to learn more about your condominium insurance options!