Capital Insurance Group: Condominium Insurance to Protect Your Investment
One of the key benefits of owning a condo is having certain things taken care of for you, like the lawn, snow removal and general maintenance outside your home. Protecting your home and valuables from fire or other damage along with safeguarding your assets from the possibility of a lawsuit in the event of an accident or injury with insurance, however, is something that still comes with owning a condominium.
You may wonder why you need insurance when the condo association carries a master policy. While a master policy is in place, you still need to cover your unit. An association policy typically covers the common areas and the walls of your unit. Some policies may include coverage for your floors, ceilings and installed appliances, but they usually won’t cover improvements you make – such as window coverings or an upgraded contemporary kitchen. Damage to your personal belongings and your liability for injuries to others are also not covered under the association’s policy. This all leaves you with significant exposures in the event of a loss.
Inside A Condo Insurance Policy
Capital Insurance Group offers condominium insurance policies tailored to your specific needs. A condo policy can be designed to:
- Insure your personal contents, such as clothing, furniture and other possessions in the event of fire, theft or other covered peril.
- Pay for emergency expenses if you needed to move while repairs are being made to the unit.
- Protect you for claims against you for bodily injury or property damage to others, including legal defenses.
- Include loss-assessment coverage in the event the condo association is found liable for an injury claim that exceeds the master policy’s limit of liability payment. If your condo association is forced to assess all unit owners for the additional loss, you’ll be covered up to a specific amount.
It’s also important to discuss the need for flood insurance, which is not covered under a condo policy. You should look at umbrella insurance to extend your liability limits, and coverage for jewelry, fine art, and collectibles, which is only insured up to a limited amount with condominium insurance.