Owning a condominium is different from owning a traditional single-family home, and those differences extend to insurance. With a condominium, insurance responsibilities may be divided between the condo association and the individual unit owner; understanding who is responsible for what can help you make more informed decisions when selecting coverage.
What Is Condo Insurance?
Condo insurance is designed to provide insurance protection for the individual unit owner. Depending on the policy, it may address personal property, certain portions of the unit for which you’re responsible, personal liability, and other covered losses or expenses. Your individual policy also needs to be considered alongside the association’s insurance.
Understand What the Condo Association Insures
A good starting point is obtaining information about the association’s coverage. The association may cover certain common areas or portions of the building, while the individual owner remains responsible for other property. Exactly where that responsibility begins and ends can vary.
Review Your Association Documents
Association documents may help identify which portions of the property are common property and which are the individual unit owner’s responsibility. This information can then be considered when discussing your condo insurance with your agent.
Protect the Property Inside Your Condo
Think about everything you would have to replace after a significant covered loss: furniture, electronics, clothing, appliances you own, household items, and other personal belongings. Creating a home inventory can help you estimate what you own and determine whether your personal property limit seems appropriate.
Pay Special Attention to Valuable Items
Certain categories of valuable property may have special limits, conditions, or exclusions. If you own jewelry, collectibles, fine art, or other particularly valuable property, tell your insurance agent rather than assuming standard personal property coverage provides all the protection you want.
Don’t Forget Personal Liability
Condo insurance isn’t only about physical property. Personal liability coverage can be an important part of an individual condo policy when circumstances involving injuries or accidental property damage lead to a liability claim.
Consider Improvements You’ve Made to Your Unit
If you’ve renovated the kitchen, replaced flooring, upgraded cabinets, or made other significant improvements, discuss them with your agent. Understanding whether those improvements are your insurance responsibility can help you determine whether your coverage is appropriate.
Review Your Deductibles
Review your deductible and premium. A lower premium paired with a substantially higher deductible isn’t necessarily a better value. Consider coverage, limits, deductibles, and premium together.
Your Condo Association’s Insurance Isn’t a Substitute for Your Own
Having insurance through the condominium association doesn’t necessarily eliminate the need for individual condo insurance. Understanding what the association insures, what you’re responsible for, and what your individual policy provides can help identify potential gaps before a loss occurs.
Have Questions?
Oberryman Insurance Agency can help you review your property insurance and understand the coverage options available to you. If you live in Northern Virginia or elsewhere in Virginia, Maryland, or Washington, D.C., contact Oberryman Insurance Agency at 703-986-0468 to discuss your insurance needs or request a quote or coverage review.
Insurance coverage, eligibility, limits, deductibles, exclusions, endorsements, and availability vary by insurance company, policy, property, state, and individual circumstances. This article is provided for general informational purposes and is not intended to modify or replace the terms and conditions of an insurance policy. Please refer to the applicable policy and contact Oberryman Insurance Agency to discuss your specific insurance needs.
