Condominium Unit-Owners Insurance
- Condominium Unit Owners Insurance includes both Liability and
- Liability Insurance is for negligence on the part of the policyholder.
- For example, if my car damages your car it's because of
something the driver did or failed to do. That's negligence.
- If your house catches fire due to a wiring problem you didn't
know about and the wind blows cinders onto my roof and my
house burns down, there is no negligence on your part, so
I won't have coverage from your policy-- coverage will come
from my policy.
- Condominium Unit-Owners Insurance follows the same Liability
Insurance principles as Auto and Home Insurance.
- As a Condominium Unit Owner, you may be tempted to view your
property insurance needs only in terms of your possessions, including
your furniture, home electronics and clothing. While coverage
for your belongings is important, you purchased a unit that has
value outside of what you moved into it. Be sure to evaluate your
insurance needs for the unit itself.
- The Condominium Unit Owners property coverage includes Personal
Property and limited Building Property coverage.
- A typical Condominium Unit-Owners Policy has $1,000-$5,000 in
Building Property coverage.
- You can increase your Building Property coverage for just a
few dollars per month. Most Condominium Unit Owners can increase
their Building Property coverage to $50,000 for $4-$6/month.
- It's also important to tailor your Unit-Owners policy to fill
any gaps in the Condominium Master Policy.
- The Condominium Master Policy covers the shell of the building
and the common areas often up to and including the sheet rock.
Some policies only cover up to the studs.
- Take a copy of your Condominium Master Policy to your insurance
agent for evaluation.
- Always raise your Assessments and Structure coverage to at least
the level of the master policy deductible.
- If you have a loss, be sure to check you Condominium Master
Policy for anything that is not covered under your Condominium
Unit Owners policy.