Condominium Insurance

Condominium Insurance covers loss to your condo or co-op unit resulting from burglary, fire, water damage (from leaky pipes), wind, hail, etc. Condominium Insurance also protects you from liability should someone suffer an injury in your home. Most condominium associations carry an association master policy to cover the building itself and all common elements of the condo. Many condo owners mistakenly believe that their unit (and personal property) is covered under the association's master policy. Most often, this is not the case. Condominium Insurance is different from Homeowner's Insurance. Because only your unit itself is covered, not the structure. Condominium Insurance is recommended for condominium owners, not renters. Renters should purchase a Renter's Policy. You should also advise your insurance broker if you have any pets. Some insurance companies will deny your claim if this is not stated upfront should your animal cause harm to another person or their property. Therefore, before purchasing Condominium Insurance, carefully review your association's policy to find out what is and what is not covered.