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Condo owners are often confused about insurance, since the association has it for the building. The problem is that only covers the condominium building, commonly owned property, and liability for the association. If you have damage to your unit from burglary, burst pipes, or fire, you are not covered. In most all condos, you are responsible for the interior walls and your personal property and liability. That’s why you need a good condo insurance policy.

Before You Buy

  • Ask your association what parts of the interior are covered by your condo association’s insurance and what items are your responsibility.
  • Review condominium documents to determine your responsibilities regarding your unit. Your Strategic Insurance Solutions Inc. advisor will actually review your documents with you to determine your responsibility and assist with values to properly insure the unit. Many insurance companies do not do this with you.
  • Estimate the cost to replace your personal property contents and buy accordingly
  • Buy adequate liability insurance, usually $500,000 to $1million
  • Buy Loss Assessment Coverage starting at $50,000 or more to cover unexpected association expenses like new roofs, new windows, new siding.

Types of Coverage
This covers your actual property, including improvements, appliances, fixtures,built-in appliances and cabinets, electrical fixtures. If you have a separate garage or storage unit on the land, you will need to protect that as well.

Personal Property
This covers your personal property, such as furniture, clothing, television and stereos, books, and compact discs. Make a full inventory of all your property with receipts wherever possible and keep this off premises in a safety deposit box. Computers often require a separate rider.

Loss of Use is provided if a loss makes the condo unfit to live in and you have expenses living somewhere else.

Personal Liability protects you if bodily injury or property damage happens in your condo. Personal liability has a basic should be no less than $1,000,000, which can be increased for an additional premium. A personal umbrella policy is also recommended above and beyond that.

Deductible should be no less than a $1,000 to keep you insurable with the insurance companies to allow them full
market availability as insurance markets. Also, this will save you money on the cost of your policy.

Discounts may apply:

  • If your unit was built within the last six years.
  • If you have a security system with a burglar& fire alarm or sprinkler system.
  • If you are over 55 and retired.

Check with your Strategic Insurance Solutions, Inc. advisor to determine what coverage is right for you.

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