When you own a condo, you are expected to carry insurance just like any other homeowner; however, insuring a condo is one of the most difficult personal policies to write appropriately.
When insuring a condo, it is important to know exactly what the Master Condo Association covers on their policy and what you are expected to cover. Typically your condo association will insure the building based on one of two approaches:
- Bare Walls – The Condo Association only insures the building including the walls, the roof, floors, etc.
- Single Entry – The Condo Association insures the building as well as particular fixtures inside of the unit including things such as carpeting, cabinets, and appliances.
Barr’s Insurance suggests that you ask yourself these questions when considering condo insurance:
- What is the association responsible for insuring?
- What part of the structure am I responsible for insuring?
- How much coverage do I need for my personal property?
- Do I want actual cash value or replacement costs?
- Do I need earthquake or flood coverage for my unit or personal property?
- Is liability included?
Our experts at Barr’s Insurance can develop you a condo policy to fit your unique needs. Give us a call, we’d love to help!