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Condo Insurance

Why Every Condo Owner Needs Insurance

Anyone that owns a condo and doesn’t have condo insurance needs to contact an insurance agent as soon as possible to correct this oversight. There are a number of very good reasons that this coverage needs to be put in place on your unit. Additionally, one of the best things about condo insurance is that it doesn’t cost that much and yet gives you an enormous amount of peace of mind in case you ever do need to make a claim.

Many people are under the illusion that their condo and its contents are covered under the master insurance plan that the Condo Association has. This is actually false; the Condo Association plan only covers the actual structure of the condo building, the “bones” if you will, and common areas. Everything from the paint in is the sole responsibility of the owner of the condo. This includes not only contents such as furniture, electronics, and clothing, but also fixtures such as the water heater, carpets, and lighting.

How much coverage you need is decided on an individual basis. The property coverage is broken down into two areas; contents and building improvements. You will want enough coverage in contents to cover everything you own while you will want enough in building improvements in order to replace everything attached to the walls, floor, and ceiling in the event of a total loss. After arriving at a figure it’s a good idea to go around your condo and document everything you own, both writing it down (including serial numbers) and taking photos or video. This will help immensely in the case of a covered loss.

Another major component of the insurance is Liability coverage. This will protect the owner in case they are liable for damage, whether someone is hurt in their unit or something happens such as a leak in the water heater that creates property damage in the unit below them.

Condo policies are not expensive and can be made even less expensive by choosing a higher deductible. No one wants a bad thing to happen but it’s very important to protect yourself in case it does.






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