Condo Insurance

Do you own a condominium? If you do, you probably enjoy having a space to call your own without all of the extra care and maintenance of a property that a homeowner would be responsible for. Just like a homeowner can purchase home insurance, you can purchase condo insurance to protect yourself in the event that something happens to your residence. Even though your condo building is owned by a condominium association, you have the title to your unit and are therefore considered to be its sole owner. 

A condo insurance policy typically provides you with coverage in the following three areas:

1. Building Property Protection – Comprehensive protection for the interior structure of your condo unit and any built in features (walls, cabinetry, sounds systems, etc.)
2. Personal Property Coverage – Don’t lose your valuable possessions because you failed to purchase the right coverage. Personal property coverage will cover the replacement cost of the possessions that you keep in your condo unit from your wardrobe to your furniture..
3. Personal Liability Coverage – Accidents can happen, even in your condo. If you are found to be liable, your condo insurance personal liability coverage will compensate for medical bills or a lawsuit.

Besides the standard features of a condo insurance policy, you can also add additional features for increased protection. These include:

• Increased improvement coverage that will reflect added value to your unit due to upgrades and renovations.
• Contingency coverage to protect your condo unit in the event that the condominium association’s insurance proves to be insufficient.
• Loss assessment coverage will help to pay for your share of property loss that affects all members of the building association.
• Directors and officers liability coverage is designed specifically to protect condo owners who are also members of the condo association’s board of directors. This coverage could protect you from any liability arising out of your involvement in board decisions.