Condo Association Insurance Options
Condo Association Insurance Quote Forms
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Condo Association Insurance Information
Owners of condominium units usually do not own the entire condominium complex. Typically, they own their own unit outright and share ownership of the rest of the complex with all the other owners.
What is Condo Association Insurance?
Condo Association insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it. All individual unit owners have a collective responsibility for insuring areas of the complex owned in common -- building exteriors and hallways, the pool area, etc.
Condo Association insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.
Why do you need Condo Association insurance?
It is really all about protecting yourself financially if something unexpected happens to your home or possessions. That's important because chances are your home is likely one of your largest investments. The condo association's master policy, as well as association rules, should spell out clearly which parts of the complex are insured through association dues, and which parts are not.
- If the was destroyed by fire or damaged by a natural disaster, you'd need money to repair or replace it.
- If a guest in the condo building is injured, liability protection and medical coverage help pay expenses.
- If you are still paying for your condo, your lender will require insurance.
It is important to know that Condo Association insurance is meant to cover unexpected damage, not routine maintenance. Ask your agent to talk about what is covered and be sure to read your policy so you know exactly what's included and what is not.
Things to consider and questions to ask your agent
Here are few things to discuss with your agent that will influence your decisions.
- How much will it cost to rebuild the condo building if damaged or destroyed? (Ask your agent to talk you through your policy features so you can make an informed decision about coverage.)
- What discounts are available? (Ask about multiple policy, security system and fire resistance discounts.)