Why do you need condo insurance?
The contents of your condo are covered by condo insurance. The policy will not cover any damage beyond the confines of the unit. That’s because the condo association maintains the common areas’ exteriors. Condo insurance normally covers the following for you as the owner:
- Things of your own
- Space dividers
- Appliances
Commercial insurance for condos often includes liability coverage in case a visitor to your apartment is hurt. The common area’s master insurance usually pays for repairs to the HVAC, ventilation, and electrical systems if damaged.
How do I determine the appropriate level of protection?
When purchasing condo insurance, it’s important to avoid buying unnecessary layers of protection. If your building has master insurance that covers water damage to carpets, for instance, there is no need for you to get additional coverage for that item. Find out what your condo’s master policy covers before signing a contract with an insurance company. There are two distinct forms of master policies for building associations.
All-in: Your unit’s plumbing, electrical system, and appliances are all covered by this umbrella insurance. Yet it won’t protect your possessions.
Anything within your apartment’s four walls is not protected by master insurance. The furniture, carpeting, and wall coverings need to be covered. It’s also possible that your electrical and plumbing systems will only be covered under certain insurance.
You should get additional coverage if you reside in a condo with a bare walls-in policy. That’s why it’s important to go through the master policy for your building thoroughly so you know what to include in your policy. Semel risk consultants has a helpful staff that can advise you on how much insurance you need depending on your condo association’s policy.