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Condo associations generally carry insurance policies covering the property of the common areas, outdoor areas and the exterior walls of the condominium buildings. In addition, their general liability policy generally cover injury(s) obtained by non-residents in these common and outdoor areas. The interior walls and of each condo unit is the responsibility of the unit owner. As the owner you need to advise your agent how much Additions & Alterations/Building Unit Items coverage you need. YOUR condo policy will cover the interior walls, appliances, floors, HVAC, cabinets, bathroom(s) and, if designed properly, the personal contents within the walls of your home when damage occurs due to a covered hazard such as fire, theft, vandalism or windstorm.
BE SURE and add plenty of Additions and Alterations coverage, e.g $60,000 or more to rebuild your interior.
If the condominium is located in a flood zone, flood insurance should also be secured The condo association’s policy won’t cover your personal losses due to flood, and a standard condo insurance policy won't either.
While the association policy should cover injuries that occur in common areas or outside the condo unit, anything that happens inside a unit is the responsibility of the unit owner. While a $300,000 liability limit may seem adequate this agency would highly recommend an Umbrella policy.
When discussing condo insurance, it’s important to note the major differences between Condo, Villa and Townhouse insurance. Villa &/or townhouse ownership, the unit owners are usually expected to secure insurance covering the exterior walls, balconies, roof and certain outside areas. Therefore, Villa, townhouse and condo insurance are not interchangeable; therefore, be sure to find out which type of homeowner policy you need from your association.
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