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You’ve taken the plunge and opted for condo life. Now that the papers are signed, it seems like everything is taken care of for you—building maintenance, roof repairs, landscaping, insurance, etc. It’s time to relax because everything is covered, right?
Not quite. The insurance policy provided by the condo association could cover the building structure and common areas, but what about potential structural damage to your unit and covering your belongings? Without a personal condo insurance policy, you could be left high and dry if your unit floods, is damaged in a fire or some other type of disaster. You’ll know what you need if you have us review your condo bylaws to determine the appropriate coverage.
Most condos need two insurance policies:
Master Policy: Generally provided by your condo association, this policy covers the physical structure of the building, including basement, roof, walls, elevators, lobbies, etc. Coverage usually includes both physical damage and liability.
Personal Condo Policy: This will cover 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 offer enhancements that include personal property protection in your condo insurance policy, or if there is an assessment by the condo association, there is optional insurance coverage for that as well.
Other policies to consider:
Umbrella Policy: If someone were to trip and fall inside or near your condo, they could sue both you and the condo association. Umbrella provides additional layers of liability protection and can protect against lawsuits that target both your current and future earnings.
Flood or Earthquake: Standard condo policies don’t include coverage for floods or earthquakes. If you live in an area prone to flooding or earthquakes, you’ll want to get specialized insurance for those perils.
Luckily Titan Insurance Services specializes in both personal condo insurance and master condo policies. If you live in a condo association and you’d like us to review your association’s master policy, it would be our pleasure. And if we can earn the association’s business, we’ll give you a $250 gift card as a small token of our appreciation!