Condominium Coverage GapsA new home, less work for you, now it’s time to relax and enjoy all the amenities…well, maybe not yet. If you own a condominium, it’s important to make sure you don’t have any condominium coverage gaps. Owning a condo creates both common and personal insurance needs. Make sure to determine what exactly is covered by your association’s master policy, and what is not.

Condo Association Master Policy

Typically, the condo association carries a master policy. This policy insures all of the property and common areas that are collectively owned by the unit owners. However, it usually does not provide any protection for the interior of your unit or personal possessions. That leaves you with condominium coverage gaps. So what do you do?

Purchasing Your Own Coverage

A Condo Insurance policy is designed to help prevent condominium coverage gaps. A condominium is different than a standard home, therefore it needs a specialized policy. The policy includes coverage for your personal possessions, structural improvements made to your living space and additional living expenses incurred due to an accident.

In addition to the covering your belongings, you will also want to purchase liability protection. This will cover you against lawsuits for bodily injury or property damage that you or a family member cause to other people. In some cases, it even includes coverage for pets. It will pay for the cost of litigation as well as any court awards. Coverage will be provided up to the limit of your policy, and covers you at home or away. 

Other potential Condominium Coverage Gaps

Some additional coverages to consider including: 

  • Unit assessment coverage: This coverage reimburses you for the expense passed on to you by the association as long as the cause of loss was covered by the association’s policy. 
  • Sewer backup: This coverage insures your property for damage by the backup of sewers and drains. It does not include flood protection. 
  • Flood or earthquake: These can strike anywhere, so It’s important to understand your risks and check into coverage options. 

We are here to help. Give us a call if you would like to review your current coverage or if you need to get a brand new policy.