Condominium InsuranceCondo insurance
Condo Insurance, Protecting You & Your Property
Your condominium association bylaws provides you information regarding what items it insures against and which items are your responsibility. The Condominium Unit Owners Policy offers protection for your unit, and fills in the gaps of the condo master policy. It also covers any improvements you make to your unit, as well as protects your personal property and offers you personal liability coverage.
LoPriore Insurance offer our clients a comprehensive condominium unit owners insurance policy. You can choose from a variety of coverage’s and deductibles that suit your needs and budget. You can even combine your home and auto package and maximize your insurance savings.
Your Condo Insurance Policy & Your Condo Association Master Policy-Determining Coverage
Condo Association Policies and what they cover can vary widely from case to case. We are here to determine just what is covered under your master policy and what sort of coverage you would need to protect yourself from loss under your own individual condo owners insurance policy. If you are having trouble reading between the lines and fully understanding your master policy, we can help. With the expertise of over 20 years of service in the industry, we will make sure that your coverage is tailored to fit your individual needs.
What’s Covered by Condo Insurance?
This is the cost to replace or repair your own property. Many items are covered as part of personal property such as electronics, furniture & clothing. This coverage will extend to the limits of your policy. Not sure how to assess the value of your personal property, we can help make sure you have adequate coverage.
Should someone be injured while visiting your condo and you are deemed to be at fault this particular coverage may help you pay for your guests related costs for care.
Building Property Protection
This coverage offers you protection for your portion of the building. The coverage necessary will be determined by a thorough review of your master policy. If you have made any improvements or alterations to your unit, this is where coverage would be provided.
Frequently Asked Questions-Condominium Insurance
How much will condo insurance cost?
There are several factors in determining the cost of a Condo unit owners policy.
The Condo by laws and what Master Condo Policy already covers
Amount of Personal Property
Type of Building – Construction – Sprinkler- Updates
Deductible on Master policy
As an independent insurance agent we are glad to identify all these factors and prepare an insurance policy that gives you the best price with proper coverage.
What does condo association insurance cover?
Master policies vary and can be extremely comprehensive including many different added coverage’s for example: directors and officers professional liability, employee dishonesty, water back up etc. Some are very basic and the deductible can vary from policy to policy. Also note the condo by-laws sometimes spells out how your master policy will respond during a claim as well.
Is condo insurance required?
While condo unit owners insurance is not required by law, however nowadays most lenders do require this coverage to obtain a mortgage. Also some condo associations are also requiring this coverage to be a unit owner in good standing. Lastly living in the litigious world we live in it would make sense to protect yourself with an insurance policy against claims brought against you and also have coverage for damage to your property.