Condo Insurance

 

Condo insurance is a policy which the owner of a condo unit purchases. It generally helps pay for repairing your unit and belongings if they are stolen or damaged by certain dangers, such as fire or vandalism.

 

What does Condo Insurance Cover?

 

A condo association master policy can be of two types: an all-in condo master policy or a bare walls-in condo master policy.

 

• An all-in condo master policy, often known as a “single-unit” master policy, covers your condo’s fixtures such as appliances, wiring, plumbing and carpets but does not cover your own personal property.

 

• In bare walls-in condo master policy, it does not include everything that is beyond the walls. It may or may not include plumbing and electrical services in your condo.

 

Your condo insurance policy will cover your personal belongings for loss or damage, and will provide cover for personal liability and medical payments. In addition, it will often cover usage loss in case your condominium gets badly damaged by a fire or storm, and you need to live somewhere else during repairs.

 

Cost of condo insurance varies. It ranges from 5,000 to 20,000 per year depending on the amount of your personal property and the type and coverage you are carrying.

 

How much Condo Insurance should I have?

 

One of the first questions condo owners ask after they buy is, “how much condo insurance will I be getting?” Basically, you can get a rough estimate of how much protection you need by making an inventory of all your personal things and finding out how much it will cost after a burglary or fire to cover your belongings.

 

Some valuable items may need special or supplementary coverage. Whether your overall coverage limits are set high enough and whether any item in your personal property inventory exceeds the per-item limit are important things to check.