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Condominium Unit-Owners Insurance

The Facts

  • Condominium Unit Owners Insurance includes both Liability and Property coverage.
  • 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.