You have unique and complicated responsibilities as a condo owner. While you have sole responsibility for your personal unit and belongings, you also share responsibility for the rest of your building with your neighbors. At Patriot Insurance, our job is to help you sort through your risk exposure to find a personal condo insurance policy that fits your needs.
Condo Association Coverage
To understand your individual condo insurance needs, first consider how you are – and are not – protected by your condo association’s master insurance policy. In general, a condo association will use member fees to purchase a master insurance policy that covers the building, its common areas, and other structures on the property. The master policy coverage protects against many named perils and liability, but it generally stops at each individual unit.
Check with your own condo association to determine the extent of its coverage before purchasing your own individual policy. In general, a master policy might replace the exterior walls of your unit. The inside, from your cabinetry and appliances to your flooring and fixtures, would be your own responsibility.
Individual Condo Insurance
Your individual condo insurance policy will be created according to your individual risk exposure and preferences. At Patriot Insurance, we can customize your coverage to meet your needs, preferences, and budget. Your condo insurance can include:
Condo Interior Insurance
If you are responsible for the interior of your condo, your insurance should provide coverage for any built-in structures, walls, flooring, glass, appliances, cabinets within your unit. Make sure to include coverage for any upgrades or additions you made to your unit.
Contents Coverage
The contents of your condo could be damaged by a number of hazards, from fire and smoke to vandalism and theft. Your policy should provide adequate protection for your furniture and other personal belongings if they are damaged or destroyed.
Loss of Use
Sometimes, condo owners must move out of their homes while the unit is being repaired. If your condo is severely damaged and deemed uninhabitable, your insurer can reimburse you for the cost of living expenses, including your hotel, meals, laundry bills, and more.
Liability
If someone is hurt inside your condo – even accidentally – you could be sued for that person’s injuries and losses. You might also be financially responsible for injuries or losses caused to others as a result of your children, your pets, or your personal activities, such as biking or playing golf. Personal liability insurance helps cover the legal costs and any judgments related to liability claims.
Loss Assessments
Your condo association’s master policy provides coverage for losses to commonly owned property. When losses exceed the master policy limits, any remaining expenses may be passed down to you and other unit owners in the form of an assessment. Your personal condo insurance policy can include coverage for loss assessments, whether they are related to property damage or liability claims against your condo association.
Twin Cities Condo Insurance
We can help you reduce your condo insurance costs to make getting the coverage you need as affordable as possible. We are with you from start to finish, shopping and comparing plans from multiple Minnesota insurers and working to find you the most discounts possible. We can even provide tips for creating a home inventory to ensure you have all of the coverage you need to feel confident and secure living in your condo.
If you own a condo or will be purchasing a new condo in the near future, contact our office to discuss your insurance options. We look forward to serving you soon.
