Learn how condo insurance is a unique type of coverage.
A condominium is different from a house or an apartment—you own part of the property but not all of it. This is why insurance for condos differs from home or renters insurance. Are you curious to find out more about the unique coverage offered by condo insurance? Read on to learn more.
Condo insurance is normally broken into two major policies. Together, these separate policies will cover the entirety of your condo. The first policy is normally held by your condominium association or other administrative group. This policy, often referred to as the master policy, covers the structures and common areas owned by the association. This normally includes things like your roof, exterior walls, stairways, recreation rooms, elevators, and the condo grounds.
The other policy is your personal coverage that protects the portion of the building that belongs to you. Depending on your state and the particular condominium you live in, you might be responsible for everything between the walls of your unit. This might include things like carpeting, floor tile, bathroom fixtures, cabinets, appliances, counter tops, and interior walls.
In some cases, the master policy will provide coverage for your unit’s original features, leaving you to cover only the upgrades or modifications that you make to your unit. In other cases, you might be left to personally cover the plumbing and wiring within your unit. Ultimately, the details of what you own should be spelled out in the association agreement that you sign when you purchase your condominium. When you get coverage for your condo, bring this agreement along so your insurance agent can put together a policy to fit your unique coverage needs.
Looking to find the right condominium insurance to meet your needs? Don’t hesitate to turn to the experts at Westwood Insurance Agency. Our dedicated team is ready to assist you with all your coverage needs. Contact us to get started today.