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Condominium Insurance

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The condominium is a joint enterprise type of ownership in which there is common ownership of certain portions of the premises. The individual also has exclusive ownership of the right to occupy a specific unit, and sometimes also individually owns certain items of physical property within the unit. The ownership deed for a condominium, usually called a master deed sets forth the exact provisions of ownership and rights of occupancy of all the unit owners.

Condominium Policy Basics:

Your Dwelling: In the case of the condominium, the dwelling is the unit you own. You must consult the “master deed” to establish your actual ownership, rights, and responsibilities as a unit owner. Dwelling coverage includes any permanent appliances, fixtures, improvements, and real property that pertain exclusively to the insured unit.

Personal Property: This coverage section protects your general household belongings against loss by a broad range of perils. Items can include furniture, clothing, appliances, and other personal possessions.

Loss of Use: In the event, you are required to leave your unit as a result of a covered property loss, we will cover you for any additional expenses which may include hotel or restaurant costs.

Personal Liability: This is important coverage if you or resident family members are found negligent in causing bodily injury or property damage to another party. In that event, you have peace of mind knowing we will pay the legal damages imposed on you and include legal defense costs if necessary.

Medical Payments: If a visitor is injured in or around your home we will pay for the medical expenses incurred by that person.

Loss Assessment: Condominium unit owners have optional property and liability exposures as members of a condominium association. An example may be a fire in a stairway that damages common property, or if someone slips and falls in your parking lot and is injured. If damage to property or bodily injury to the injured person isn’t covered by the association’s master insurance policy, each unit owner could be assessed for a portion of the loss. Your policy automatically provides you with $1000 of this coverage, but you may purchase higher limits.

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