Home Insurance for Condos

Sep 30, 2019 (0) comment

Home Insurance for Condos

When you own a condominium, you are responsible for what’s inside your condo. Condo associations have master policies that cover the property, common areas and physical structure of your building. However, these master policies do not cover your personal property or your legal responsibility to others, and they may not cover improvements or customization to your unit. Most condominium by-laws or trust agreements state that the condo owner owns or is responsible for everything within the unit, including permanently attached fixtures and improvements.

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Why it’s Needed

Think you’re covered by the Condo Association? Think again.

  • The association isn’t responsible for any of your belongings.
  • The association’s insurance doesn’t cover any part of the building from the studs of your walls in.
  • Associations sometimes won’t cover damage that started in another unit. Overflows from sinks and tubs, or fire and smoke can easily cost you money.
  • If the building suffers damage from a storm or fire, it’s likely you will, too.
  • The association’s policy doesn’t cover living expenses if your unit is so damaged you need to move out for a while.
  • The association’s policy doesn’t cover liability for your actions, or people getting hurt in your unit.

Liability Cover

If someone is injured on condo property the master policy provides cover for claims where the incident happened in common areas, but it won’t cover someone slipping on your newly polished floorboards.

When your nephew throws his ball through the foyer window breaking the glass the Association will sue you for damages to the common property. You need your own condo insurance to cover you for claims of injury or property damage caused by you, your family or your visitors.

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For more information, call us at 1-888-851-5572. If you would like to receive a fast and free quote, visit us on our webpage!

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