Condo Owners face a lot of the same coverage exposures that a homeowner does, and in some cases, even more. Condo Associations have a master policy that covers certain things, but understanding where that policy leaves off and where your condo policy picks up is crucial. We assist clients by reviewing their condo docs to help them determine how much coverage they need to in place to cover not only their personal property, but also any part of the actual structure for which they are responsible.


Some key coverage items vital to condo owners include:


Loss Assessment Coverage

Loss assessment is a unique feature of condominium insurance. Under the condo association's bylaws, each owner will be assessed a proportionate share to cover major property and liability losses. For example if the building and commonly shared areas are destroyed by an insured disaster, such as a windstorm, and the losses are not fully covered by the master policy, your association may assess a certain amount to all unit owners to cover the loss. Your condominium unit owners policy's loss assessment coverage would help pay for your share of these assessments. The standard coverage for loss assessment is $1,000, but higher limits are available and highly encouraged.


Dwelling Coverage

Many condo owners are unaware that their condo associations master policy may not cover the inside of their unit if there is a loss. Depending on the condo bylaws and the terms of the master policy, unit owners could be responsible for everything inside their unit past the studs on the exterior walls. This could amount to a huge out of pocket expense to the owner if they don?t have the proper dwelling limits in place. As part of our new business process, we will renew both the condo docs and master policy to determine what coverage is provided, and then adjust the condo policy?s dwelling limit accordingly.


To receive a quote on your condo insurance, please give us a call or fill out the form below.


Condo Quote Request


Form Object