Our Blog

If you own a condo and there's a fire, water damage or other distressing occurrence that results in your condo unit being declared a total loss, you may be surprised to know that you're not fully covered if your unit has to be completely rebuilt. What will you do?

This is what you need to know:

Condo associations have master insurance policies that generally cover only the common areas of your unit and the so-called "permanent structures." As a condo owner, you're responsible for your clothing, furniture and any appliances that can be unplugged and moved, as well as fixtures, flooring and plumbing.

It pays to read and understand what's covered by your condo's master association policy to determine what are the gaps - what does that policy cover, and what's left out. You need to consider the value of taking out a personal condo insurance policy, that will provide complete coverage for all of your personal property and everything that is not included in the condo association master policy.

A personal condo insurance policy could include these important options:

• Personal Property Protection - Covers the loss or damage to your possessions
• Real Property Protection - Covers things you own such as fixtures and other installations that are not typically considered "personal property"
• Family Liability Protection - Provides legal representation and insurance against judgments
• Guest Medical Protection - Covers medical costs for visitors injured at your home
• Additional Living Expenses - Provides reimbursement for costs of temporary housing during reconstruction

Find out how you're covered under your condo association's master policy and talk to your insurance agency about how a personal condo policy with options specific to your situation can provide you with the complete protection you want and need.