Condominium Insurance

Owning a condo can give you many of the perks and privileges of owning a home (i.e., pride of ownership, appreciation of your investment, mortgage interest deductions, property tax deductions and more.) However, insurance is one area where condos and homes differ. Unlike a homeowner, a condo owner does not own the entire property and therefore is typically only responsible for insuring common areas of the complex through a master insurance policy. It is important to understand that the master insurance policy will not protect assets inside of an owner's unit.

When insuring your condo, make sure you have coverage for contents and structural items. Content might include such items as furniture, area rugs, electronics, jewelry, valuable artwork and collectibles, while examples of structural items might include flooring, cabinets, countertops, carpeting, lighting, etc. You should also find out if your condo association carries flood insurance and then decide whether you need to to consider a personal flood insurance policy. Bundling your condo and auto insurance with the same insurance company may reduce your premium payments.

Insurance Industry Definition: 

A form of real estate ownership becoming increasingly popular. It is the individual ownership of a single unit in a multiple-unit building or group of buildings, together with a percentage interest in that part of the total property owned jointly by all unit owners. In an apartment building, each apartment would be a unit and the stairways, pathways and parking areas would be in common ownership. Condominium property requires special insurance treatment.

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