Do you live in a condominium?

Own1ing a condominium brings with it a very specific set of insurance concerns. It’s important to understand what your condo association’s master insurance plan covers, and what gaps there are in that coverage that you need to fill with a condo insurance policy. You must also consider whether a standard condominium policy will provide the particular type of protection and limits of coverage that you need to adequately insure your possessions or any improvements you may make to the inside of your unit.

Read your association’s master plan

In general, a condo association’s master policy protects the building and common areas, but not the inside of your unit or your personal possessions. However, some associations have “all-in” master policies that cover the fixtures in your unit, such as appliances, wiring, plumbing, and carpeting, but do not cover your personal property. Other home associations have what’s known as a “bare walls-in” plan that doesn’t cover anything contained within the walls of your unit. Take time to read and understand your association’s master policy so you know what the association is responsible for covering, and what’s your responsibility to cover.

What does a condo policy cover?

The average condo policy covers:

• Loss or damage to your personal possessions.
• Your legal liability if someone is injured inside or outside your condo, or if you damage another person’s property.
• Medical payments to anyone injured in your unit.
• Improvements, alterations, or additions you make that add value. to your unit, such as installing new flooring, fixtures, or appliances.
• In some cases, a certain amount of coverage for lawsuit damages that your condo association may divide among unit owners and pass on to you.

Consider enhancing your condo policy with the Home Advantage Endorsement

If the dwelling being covered is your primary residence, this additional coverage can be added to your condo policy. You’ll receive greater protection by increasing coverage limits and will be provided with a package of coverages that are not included in a basic homeowners policy, such as:

• Debris removal
• Water backup and sump discharge or overflow
• Refrigerated property
• Personal injury coverage, which protects you against charges including libel, slander, invasion of privacy, and wrongful eviction or entry

To learn more, view a coverage comparison and additional information about this added layer of protection.

Seek the advice of an insurance agent

An experienced independent insurance agent can help you understand the coverage gaps in your condo association’s master policy. He or she can help you comparison shop for a condo policy that meets your unique needs and your budget. Agents can advise you of additional coverage available that could save you thousands of dollars of out-of-pocket expenses, such as sewer and drain backup coverage and scheduling higher limits of coverage for valuables like jewelry, artwork, and golf equipment. Agents can also help you find ways to save, such as bundling your condo and auto policies, or making the insurance company aware of safety features like burglar alarms and sprinkler systems installed in your unit that could qualify you for a discount on your insurance premium.