Overlapping with some of the components of homeowner’s or renter’s insurance condo insurance is a unique policy.
HOA and Condo Associations Coverage
When you buy a condo, it’s important to understand what’s already covered by your homeowner’s association or condo association’s insurance. This is usually called the master policy, and it may help protect your roof, shared spaces, hallways, common rooms, gyms and pool areas.
In some cases, the condo association’s Master Policy may also help protect the structure of your own condo unit, including the bare walls, floors and ceiling.12 Other master policies might cover your unit’s original construction, as it was built, with standard fixtures, but not any changes you’ve made since.
In the event of a covered loss that your Master Policy pays, you will still have to pay your Master Policy Deductible or any excess loss that is beyond your policy’s limits. This is called loss assessment.
Dwelling Coverage for Condos
Dwelling coverage for condos helps protect the things you’re responsible for in your condo. This includes any alterations or improvements you’ve made, along with your appliances and fixtures. So, if the plumbing in your bathroom leaks and damages your new flooring, dwelling coverage can help cover the repair costs.
Condo Insurance for Personal Property
Condo insurance for personal property helps protect your personal belongings, such as your furniture, clothing and appliances, with certain limitations and exclusions. If your condo is struck by lightning, for example, personal property coverage can help cover the cost to replace your damaged items.
Loss of Use Coverage
Loss of use coverage helps pay your living expenses, up to your policy limits, if you can’t live in your condo for some time after a covered loss, like a fire.
Medical Payments Coverage
Medical payments coverage can help pay emergency medical bills if someone gets hurt on your property. It can also help cover any injury that your family member or pet causes, no matter where that injury happens.
Personal Liability Coverage
If someone sues you, personal liability coverage can help cover your legal defense and any court judgments against you.
For example, if a guest in your home sues you because they slipped down your stairs and broke their ankle, this coverage can help cover legal defense fees.
Let us know if you need a quote in the St. Louis or St. Charles Area for Condo Insurance