When you purchase a Condo, often times the Condo Association has a Master Policy in place to protect the building and common areas. Each Condo Association is different where as they have unique By-Laws specific to their Association. The By-Laws should include an Insurance Section where you can identify what the Master Policy does and does not cover to determine what you are responsible for as a unit owner.
Once you understand what you need to personally insure, you are ready to obtain your own personal condo policy. Personal condo policies should bridge the gap between the Master Insurance and your responsibility as a unit owner.
Condo Insurance is intended to protect the dwelling (anything NOT covered under the Master Insurance Policy), your personal belongings, personal liability, medical payments to others and loss of use. The policy provides coverage for fire, lightening, windstorm, hail and other specified perils.
The premium of the policy is based on the dwelling limit and your personal belongings. Your contents include everything you would pack up and move. To assist in determining how much coverage you need, you can view our Household Inventory Form.
When a personal condo policy is combined with the same company as your auto insurance you can obtain a discount on both policies for an account credit.