Condo Insurance

Dunagan Insurance Group

CONDO Insurance Policy
Condo Insurance is a specialized type of homeowners insurance, designed to cover condominium owners in the event that they experience financial loss due to property damage. The policy will also generally cover areas of the property that are not insured by the condo association's insurance. Condo owners should purchase the appropriate level of coverage to give them peace of mind against the threat of losing their building, personal unit, and any personal items that are contained within the unit.

Condo Unit Policy vs. Condo Association's Master Policy
While unit owner's insurance will cover the policyholder's personal unit, condo associations must also have a different type of coverage to insure other parts of the property. The condo association's policy will typically include the interior and exterior walls of the building, basement, elevators, roof, and floors. Other communal features like gazebos, common picnic areas, and walkways are also typically covered by the association's policy. When choosing a unit policy, condo owners must learn what areas are covered by the association's policy and choose coverage that will fill the gaps to meet the insurance needs of their personal unit.


What is Covered?
Examples of events in which a condo insurance policy would likely compensate the condo owner include, lightning damage, fire, hail, windstorm, frozen plumbing lines, and theft, which also applies to theft of a guest's property while staying at the condo. Basic policies generally do not cover earthquake and flood damage; therefore, property owners who live in areas in which these natural disasters pose a considerable hazard should consider additional options. The event that causes the damage must be unplanned, and the owner also must not have intentionally caused the damage. A policy may also cover accidental injuries that occur to visitors while inside the policyholder's condo.