Condo Insurance

Condo Insurance provides coverage for the interior of your condo unit, your contents and personal liability. Typically, a condominium neighborhood has an owners association that provides a "master” policy to cover the exterior walls, roof, and common area structures. This type of ownership makes it the unit owner’s responsibility to insure from the studs inward.

When purchasing condo insurance, your agent will need to take into consideration the square footage of the unit, the types of countertops, kitchen and bathroom fixtures, and whether the unit is builder’s grade, semi-custom or custom built. You will also need to determine the value of all of your belongings such as furniture, clothing, appliances, electronics, window coverings and floor coverings. These items are all the responsibility of the unit owner to insure.

Your personal liability is also a part of the condo policy. Many policies will include standard amount of coverage but will allow the insured to increase it to $300,000 or $500,000 for a small additional premium.

Similar to the homeowner’s policy, the condo policy includes sub-limits for certain personal items such as jewelry, guns, furs and art collections. In this case, the insured can schedule this property for an appraised value and have coverage provided on a worldwide basis.

The unit assessment endorsement is important in states such as Florida where it is required. This coverage provides coverage if each unit owner is charged a special assessment to pay for unexpected costs with maintaining the common areas and structures.

Although the condo policy is a simpler insurance product, it is important to contact us so that an experienced agent can discuss your needs and offer a policy that will provide this vital protection at the best rate possible.