Who needs condo insurance? Isn’t this covered under my condo association’s policy?
The condo association’s master policy covers the building exterior and the association’s liability. It covers the exterior and all common areas, such as the pool, club house, and tennis courts. But the master policy does not cover inside your condo. You, the unit owner, are responsible to any damage to your ceiling, floor, cabinets, countertops, and fixtures.
How much condo insurance is do I need?
It depends on the value of what you own. The coverage would typically include everything from the drywall in, but does not include the pipes and electric within the walls.
What is Loss Assessment?
Each condo owner is assessed a proportionate share to cover major property and liability losses according to the bylaws. For example, if the building and commonly shared areas are destroyed by an insured disaster such as a windstorm, and the losses are not fully covered by the master policy, your association may assess a certain amount to all unit owners to cover the loss. Your condominium unit owner’s policy’s loss assessment coverage would help pay for your share of these assessments.
Does a condo policy cover flood?
Flood insurance is not covered under condo or any homeowners policy.