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Unit Owners Condo Insurance – Why It’s Important to Arrange Coverage

Whether you have purchased a townhouse or a brand new high-rise apartment, you need to purchase Condominium Insurance            .

It is typical that your condominium association or homeowners association would have a policy in place to cover damage to the building if something happens outside the walls of your condo. This master policy is intended to cover storm damaging the roof, siding or windows for example. If you have damage to the inside of your home or apartment, you may be responsible for all or some of the damage and this is why condo unit owners should have a personal policy.

When you purchase a new condo, you might wonder why you would need your own insurance policy in addition to the building’s policy.  A personal unit owners’ comprehensive condominium insurance policy typically covers ceilings, floors, electrical, plumbing, fixtures, built-in appliances, furniture and personal belongings within the specific unit, against covered perils.

The master policy that is arranged by your condo association provides broad coverage and is not intended to provide specific coverage that may be unique to each unit owner.  There will be claims that happen that are covered by the master policy but could leave individual unit owners exposed. When you purchase a Personal Condominium policy through Rhodes & Williams, we will review your specific needs and tailor a policy that fits your situation.

If your building or unit experiences a major loss (for example a major water leak), there may be many residents waiting for their insurance companies to assess the damage.  Condo claims involving many units can be complex and often lead to long delays while all parties sort through the process. At Rhodes & Williams, we are here to help you through your claim and we have 24-hour claims service.

If you experience a covered loss and need another place to stay, your personal condo policy will provide additional living expenses to cover the cost of the temporary location. A personal condo policy will also cover betterments and improvements that you have made to your counters, cabinets, flooring and bathrooms.

If your condominium has common areas such as a pool, clubhouse or lobby and there is a loss, even if it is covered under the master policy, unit owners may still need to contribute toward the policy deductible. Make sure to discuss Loss Assessment coverage with us, which could help to cover this expense related to the common areas.

Our team of brokers here at Rhodes & Williams can provide information and guidance about your building and its construction and the protective measures that should be in place. You may also be eligible for security protection, fire protection and other loss prevention credits to your policy if applicable.

Please contact us at our office if you have any questions about condominium insurance or Get a Quote online.

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