Summary: Figuring out what kind of options are available for condo insurance can be complicated, but with Cornerstone Insurance, we can help you tailor an insurance package that meets your individual needs.
What is Condo Insurance?
Condo insurance is coverage that is designed specifically to meet your condominium unit owner needs, including but not limited to, coverage for your personal possessions, any structural improvements made to your living space and additional living expenses incurred due to an accident.
Do you need Condo Insurance?
A common question that arises around condo insurance is why does a separate insurance policy need to be purchased when the condo building already has its own insurance coverage?
It’s important to determine what is covered by your association’s master policy and what items are your responsibility. Typically, your condo/co-op association carries an insurance policy for common areas, such as the lobby, walkways, boiler, basement and more. In most cases, the association’s coverage stops at the exterior walls. However, it may also cover other parts of the interior too. So, while it is possible that the areas and things around and outside of your unit benefit from coverage under the condo building policy, personal belongings inside your unit along with improvements you’ve made to the unit are not covered by the building policy. In addition, the condo associations policy will not provide any liability coverage for claims made against you personally for property damage or bodily injury.