Condo Insurance | Condo Association Insurance

When you purchase a condominium, you own your unit and a share in the common areas of the condominium—the roof, basement, elevator, heating room, lobby, swimming pool, parking garage, and/or garden. As a condominium owner, you could be held responsible for harm you cause to any part of your building or to others who live or visit the condominium complex. A condominium insurance policy can remove some of the financial worries of condominium ownership.

You'll need two separate policies to protect your investment:

• Your own insurance policy. The insurance policy provides coverage for your personal property, structural improvements to your unit, and additional living expenses if you are the victim of fire, theft, or other disaster listed in your policy. You will get liability protection to protect you against harm you might cause to any part of the building you live in or to others who live in or visit the condominium complex.
  
  An important feature of your own insurance policy is loss assessment. As a condominium owner, you share responsibility with others in your building for common property. Loss assessment protects you from damage to these common areas.
• A "master policy" purchased and provided by the condominium board. This covers both liability for and physical damage to the common areas you share with others in your building such as the roof, basement, elevator, heating room, lobby, swimming pool, parking garage, and/or garden.
  
  Sometimes the condominium corporation is responsible for insuring the individual condominium as it was originally built, including standard fixtures. In this case, you would only be responsible for insuring your personal property and any alterations you or a previous owner have made to the original structure of the condominium, such as remodeling a kitchen or bath. In other cases, the condominium corporation is responsible for insuring only the bare walls, floor, and ceiling. You would be responsible for insuring your personal property plus things like the kitchen cabinets, built-in appliances, plumbing, wiring, and bathroom fixtures. Take the time to find out what's included in your condominium corporation's policy. You can then decide what to include in your personal insurance policy.