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Owning a condominium calls for very unique insurance coverage. Time and time again, we hear condo-owners ask, “If my association has insurance, why do I need to purchase condo insurance, too?”

It’s true that the master insurance policy held by your condominium association does cover you – partially. However, did you know that many master insurance policies only cover the main structure and common areas? Many master policies do not cover the interior of your unit at all! Purchasing a separate condo insurance policy will guarantee that you and your property are protected.

Understanding Condo Insurance

Condo insurance provides you with coverage for the things your association’s policy does not cover, including:

Personal Property – Have you ever taken the time to add up the value of all the items inside your condo? Condo insurance coverage protects your personal property and helps you replace it, if something were to happen.

Liability Protection for Personal Injury or Property Damage – With the holidays around the corner, what will happen if a party guest slips on that new accent rug in the living room and requires medical treatment? With condo insurance, you are protected for injuries or property damage that may happen in your home.

The Interior of the UnitWhat if a fire were to break out within your unit, damaging the flooring, drywall, or ceiling? Your condo insurance covers the interior of your condo for a myriad of emergencies, such as fire, lightening, windstorms, smoke, vandalism, theft, and accidental discharge of water.

Permanently Attached Fixtures and Improvements – What if everything is damaged, including the kitchen sink? Permanently attached fixtures, such as sinks, bathtubs, showers, toilets, cupboards, floor coverings, appliances, and any customizations you have made to your unit are likely not covered by the association’s master policy, but are covered by individual condo insurance.

The coverage held by your condo association’s master policy can vary greatly, but it’s important to make sure you are fully covered. Let us work with you and your association to determine what type of coverage fits with your unique needs. You can call us directly at (877) 215-5431 or email us for more information.

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