Condominium insurance can seem like a weird hybrid between homeowners' and renter’s' insurance, because you own some of the structure around you but not all of it, and you may own all or some of the property inside the condo. Sometimes a condo policy is right for our clients, while sometimes and for the same price, a true homeowners policy makes more sense. To be eligible for a condominium policy you must be the owner and occupant of the condo. Condo Insurance is made up of four five main parts:
Coverage A – Dwelling
Dwelling coverage for a condo policy is different than that of a homeowners’ policy. With a condo, the interior walls of the structure are the owner’s (your) responsibility, while the exterior walls are the condo association owner’s responsibility. Coverage A covers the part of the dwelling you own, and structures physically attached to the dwelling such as a built-in garage. Remember, condo owner’s insurance does not insure the exterior dwelling, but does include a small limit for things such as the inside walls, floors, and built-in cabinets.
Coverage B – Other Structures
While the need for the coverage of other structures is rarely needed, there is a limit for it in a condominium owners’ policy. Like a homeowner’s policy, Coverage B is for other structures, covering a shed or similar structure you may own that sits on your condominium property.
Coverage C – Personal Property
Covering the personal property in your condo is the main coverage part of a condominium owners’ policy. Personal property includes but isn’t limited to furnishings, appliances you purchased, clothing, electronics, fixtures, etc… One way I like to think about this is, if you were to take the condo and turn it upside down, anything that would fall free is personal property.
Coverage D – Loss of Use
Loss of use coverage is an amount of insurance available to use toward cost of living in the situation that you are displaced by an event that was covered by your insurance. This coverage will pay for a place to stay, food, transportation, and laundry services until you can move back in, or have found another permanent home.
Coverage E – Liability
Liability coverage is used to cover yourself on or off your property if you are found liable for bodily injury or property damage to someone sustained from non-business-related activity, such as someone injured during a party at your house.
Like any other policy available to cover property, additions can be made to boost certain areas, or “holes” in coverage. You can find these additions, called endorsements on this page. This condominium policy only applies to non-business, non-commercial condominium ownership, and non-business related products and activities.
Remember it is important to discuss your coverage requirements and all aspects of your property with one of our licensed, experienced agents before making any coverage decisions. Let Oakley Insurance Group guide and educate you through this process so you have the coverage your home and your family needs for the unexpected life may bring.