Condominium units owners need to understand and educate themselves on the insurance coverage provided by their association. Not only do master policies vary from one insurance company to the next, but the CC&R’s will also dictate where the association’s responsibility ends. As a unit owner, you should purchase your own insurance policy to protect your interest in the condominium. At a minimum, we recommend these 5 coverages every condo unit owner should buy:
- Building coverage of at least $25,000 for attached appliances, fixtures, flooring, etc. Yes, this might be duplicate of the coverage provided by your association. But the cost is very low and carrying some building coverage can help your claim get paid quickly.
- Contents coverage for your personal property at replacement cost. Consider making an inventory of all your stuff to determine the appropriate coverage amount.
- Loss Assessment of at least $10,000. Inquire about the cost of increasing your loss assessment to a higher limit – it might be worth considering.
- Personal liability of at least $300,000, including personal injury coverage.
- Guest medical payments of at least $1,000
Get a Condominium Insurance Quote
At Safeguard Insurance we have over 12 different insurance companies that provide condominium insurance coverage. Our professional agents can help you find the right condo insurance at a price you can afford. Contact us today for a no-obligation proposal, or obtain an instant quote online in less than 10 minutes.