Condo or Condon’t? What You Need to Know About Condo Insurance

If you’ve decided to take your first step into home ownership by buying a condo, you may think that everything will be taken care of for you once the papers are signed. After all, your condo association will cover everything from building maintenance to roof repairs and landscaping. You can relax because they have everything covered, right?

Not so fast! While the insurance policy provided by your condo association covers the building structure and common areas, what about structural damage to your unit and your belongings?  Without a personal condo insurance policy, you could be left high and dry if your unit floods, gets damaged by a fire, or faces similar calamity.

In fact, most condos need two insurance policies.

The Master Policy

The Master Policy is usually provided by your condo association and covers the physical structure of the building, including the basement, roof, walls, elevators, lobbies, etc.  While this usually includes both physical damage and liability, you should get a copy of the policy so you can know exactly what’s covered.

The Personal Condo Policy

In addition, you should purchase a Personal Condo Policy, which covers additional structural damage to your unit, including cabinets, appliances, personal belongings, and more.  This also covers living expenses if you fall victim to a fire, theft, or other covered disaster.  Many insurance carriers, like Safeco InsuranceTM, offer enhancements that include personal property protection in your condo insurance policy. For example, Safeco’s Full Value Contents® protection will pay the full replacement cost of your belongings, not just what they are worth today.

However, there are additional types of insurance available as well. Here are some other policies to consider.

Umbrella Policy

What happens if somebody trips and falls inside or near your condo? Not only could they sue the condo association, but you might be sued as well! Even worse, if you lose that lawsuit and the judgment against you exceeds your policy’s maximum liability, you’d be on the hook for the rest of the amount. This is where an umbrella policy comes in. An umbrella policy provides additional layers of liability protection, giving you protection against lawsuits which could target your current and future earnings.

Flood or Earthquake Insurance

In most cases, a normal insurance policy won’t cover damage due to floods or earthquakes. (Be sure to read the fine print!) As such, you may require additional coverage if you live in a flood-prone or earthquake-prone area.

If you live around the Brookfield, CT area and want to learn more about condo insurance, be sure to give us a call today at (203) 775-2564 (because who knows what can happen tomorrow?)

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