Condominium Insurance

What is condominium insurance?

Condominium insurance is similar to homeowners insurance but is designed for the specific needs of condo living. Many families choose condos because of the convenience of on-site maintenance and access to community amenities. In this environment, the main structures of all buildings and common areas are covered by an insurance policy held by the condo association called a 'Master Insurance Policy'. However, a personal condo insurance policy may cover interior damage with any improvements, additions and alterations you've made to your unit and your personal property.

Who benefits from condominium insurance?

Condo insurance is beneficial for all condo owners as well their visitors. In fact, most mortgage companies require condo owners to purchase a policy for the duration of their loan. Condo insurance may cover damaged, lost or stolen property due to fire, theft or natural disaster. This protection could extend to personal property, interior furnishings, including walls, flooring, ceilings, appliances and fixtures.

In addition, this type of policy could cover you against liability claims. If you are found liable for a visitor’s injury, condo insurance could cover associated medical expenses and/or legal fees.

How much condominium insurance do you need?

The necessary amount of condo insurance largely depends on the value of your possessions and any updates you have made to your condo. Many mortgage companies will require a certain percentage of the the loan to be covered as part of your dwelling amount but you choose how much your personal property is estimated at by determining how much it would cost to replace your possessions.

Call us today to learn more about protecting your home with condominium insurance.
If you have done any upgrades to your condo make sure you cover the cost in your dwelling.