Condominium ownership entitles you to joint ownership of all the public spaces and common areas of the condo building along with all of the other owners. These spaces are owned by the condominium corporation. These spaces and even the building are insured by the condominium corporation's master policy. As an individual, you own a unit within the building. Essentially you own the space that the unit occupies.
What is Condominium Insurance?
A condominium insurance policy is a unique product offering unique features. When purchasing a condominium insurance policy, you decide what limit of coverage you require to insure your personal property. This could include your furniture, clothing, electronics and more. This coverage is very similar to a tenant's insurance policy.
Condominium Insurance Coverage
Most condo insurance policies will provide coverage for:
Condominium Insurance Options
Coverage is also provided for Unit Improvements and Betterment's. If you updated the kitchen in your unit, you are now responsible for the increased value and improvement of your unit. The master policy only covers the original features and fixtures.
There is also a coverage called Loss Assessment. If the master policy does not cover damage to a common area, then as part of the condominium ownership group, you may be required to share the cost of repairs. If the specific damage is covered by your policy, then your company will provide coverage. This amount is usually 250% of your personal property limit.
Contingent coverage is also available on most condominium policies. Your policy may cover losses not covered by the corporation's master policy. This coverage usually includes funds for your portion of the condominium corporation's master policy deductible.
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You need to protect yourself and your property before any claims are made.
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