What is Condominium Insurance?
Living in a Condominium or Townhouse can have definite benefits over renting a space.  However, because there are aspects of both owning and renting, your insurance needs are different than a Homeowner’s or Renter’s Insurance Policy.  Our qualified staff at Insurance Planning Service can help get you set up with the specialized policy you need, known as form HO-6, that will provide the liability and personal property protection a condominium owner needs.

What is different in a Condominium Insurance Policy?   
As a condominium owner, you need to insure not only your personal possessions in the condo, but also any built-in units such as cabinets, fixtures, appliances and shelves that are part of the building. In addition to covering the personal property, a condo owner also needs liability coverage. The liability portion of the policy would cover injuries or damage to people or property that the condo owner would be liable for.

Almost all associations have a master insurance policy that covers you for the actual structure and common elements such as a swimming pool or tennis court owned by all unit owners. The association documents and the master policy spell out very specifically where common areas end and where your unit starts. In some cases, for example, your unit may start inside the wallboard. In others, the wallboard may be considered part of your unit that you are required to insure.

Another thing that sets a CONDOMINIUM POLICY apart from a renter’s or homeowner’s policy is that coverage can be included to protect the condo owner against loss assessments. 

Things to consider and questions to ask your agent
When you discuss insurance for your condominium with our staff at Insurance Planning Service, here are some questions to think about and ask.

• What are your ownership and insurance responsibilities in the condo association’s Master Deed (the insurance requirements the association expects from you often found in the association’s by-laws)?

• Does the policy you are considering include broad water damage coverage for problems such as sewer and drain back-ups?

• Does your condo association provide comprehensive or blanket coverage to protect you against other condo owners who may not have adequate coverage?

• Do you have expensive personal items such as jewelry or furs that you may need additional personal property coverage for? 

Getting a QUOTE for CONDOMINIUM INSURANCE is quick and easy!  CALL US or CLICK HERE to fill our secure on-line quote form and we will do the rest!