Condo Owners Insurance?
Condominiums, a popular alternative to an apartment, require condo insurance policy coverage which contains some elements that are different from either homeowners or renters insurance. Condo insurance covers only the contents and interior walls of the unit including coverage should a leak, fire or other damage emanating from that unit affect others. It includes coverage for theft, fire vandalism etc. but covers repairs for the interior of that unit only. The structure itself is covered by a master policy held by the Homeowner.
- Weather Damage: Weather damage from lightning, wind, or hail & frozen pipes.
- Non-weather Damage: Damage from fire, theft, vandalism, smoke or vehicles
- Other Causes: Damage to others emanating from your unit such as water leaks & fires
How Much do I Need?
Condo homeowners insurance is generally based upon the value of the owner’s possessions.
- Living space – your unit and its interior walls including any alterations
- Personal property – your clothing, furniture, electronics and other possessions and valuables
- Loss of use – provides funds to cover alternative housing while repairs are made
- Personal Liability – injury to others while in your unit
- Medical payments – to non-resident persons injured on your property
Get a Condo Insurance Quote
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The Three Basic Condo Insurance Policy Types
There are three major types of arrangements that might apply to your condominium:
- Bare Walls: Insured is responsible for the sheet rock or wall studs
- Single Entity: HomeOwner’s master policy coverage protects structures, fixtures and interior walls but does not cover personal possessions
- All Inclusive: This policy, like the one above, covers all the above but also includes any modifications and improvements