Condo Insurance to Protect Your Home and its Contents
Condo insurance can be a little confusing because condo owners think that their condominium association’s master policy covers more than it does. Your insurance coverage through the master policy only covers the physical structure of the condominium building, including the basement, roof, walls, elevators, and lobbies. The master policy usually includes both physical damage and liability on the grounds of the property. If you own a condo, then you’ll need to get a personal condo policy that will protect all of your belongings in the condominium, this includes your appliances, fixtures, and valuable. Most condo policies also cover your living expenses if you become displaced from your condo due to damage, fire, theft or other disasters.
Many condo owners have questions about their coverage such as:
- What if a fire or flood damages my condo?
- Am I covered if a tree falls on my condo unit?
- Who will cover damage to my yard’s landscaping if I live in a condo complex?
- Is there coverage for stolen items if stolen from my condominium’s yard or garage?
Master policies can vary from one condominium association to another. At Colby Insurance, we will help you decipher the language, terms, and structure of your association’s master policy.