A condominium owner’s insurance policy provides coverage for the owner of the individual condo unit or townhouse. They own the interior of the unit, and therefore need to be covered for the portion of the building that they are responsible for insuring, as well as their own personal property and liability protection.
The condominium association master policy typically covers the outer walls and structure, the roof, and all common areas of the building, including hallways, banquet and meeting rooms, the clubhouse and pool. Typically, the unit owner is responsible for insuring the walls and partitions within their own unit, including paint, wall coverings, trim, flooring, and all fixtures contained within the unit, as well as their personal property.
Condominium owner’s insurance also provides some unique features such as loss assessment coverage to cover costs assessed by the association following a loss that exceeds the amount of coverage or for which there is no coverage, or for the deductible following a claim. For instance, the association selected a $25,000 deductible on their policy and the roof of each and every structure is damaged in a hail or wind storm. Each unit owner could be assessed a portion of the deductible so the roof could be repaired. Most condominium owner’s policies include a limited amount of loss assessment coverage with the option to increase the limit.
At Hatzung Insurance, our independent agents can work with you to find out the information you need to know from your association’s Master Policy in order to determine the coverage you need in your condominium owners insurance policy, and then we’ll seek the best value for you.
Call us at 952-927-4600 or click to Get a Free Insurance Quote to let us help you get started.