Condo Insurance Overview

Condominium Coverage Explained

If you live in a condominium, and the association has insurance, so why do you need insurance?

Your condominium association insurance covers the condominium building, commonly owned property, and liability insurance for the association. But that insurance doesn't cover losses to your unit as a result of a burglary, if water damage ruins your living room walls, or if someone slips on your wet kitchen floor and is injured.

That's why you need condominium insurance, designed specifically for condo owners and available through Coughlin Insurance Brokers. Condominium policies protect you from losses to your personal property and the interior of your unit. You will also have liability protection for bodily injury or property damage to others.

The condominium corporation by-laws determine exactly which building components are covered under the association's master insurance policy. In most instances the association's coverage stops inside the exterior walls meaning that you are responsible for the interior walls and possibly for fixtures, as well as your personal property and liability exposures.

Before You Buy Insurance

Before purchasing a condominium policy, check with your condominium corporation to make sure you're buying the insurance you need.

• Find out what parts of the interior are covered by your condo association's insurance and what items are your responsibility. Then make sure that you have adequate insurance to cover repairing or replacing the items for which you are responsible.
• The contents of your condominium are not insured  under the corporation’s master condominium policy. Carefully estimate the cost to replace your contents and purchase insurance for that amount.
• Your corporation’s master condominium policy does not provide any liability coverage for your unit or your  personal exposures. So, make sure you purchase adequate liability insurance, usually $1,000,000 to  $2,000,000 or more, depending on your situation.
• If your corporation has insufficient funds, you may be assessed a proportionate share to pay for damage to your building and other situations. Check to see whether the condominium insurance you purchase covers these assessments. Buy this Loss Assessment Coverage in amounts of $5,000, $10,000 or more.
  Please Note:

Please Note:

These are general policy descriptions to help you understand the different types of coverages. They do not refer to any specific contract of insurance, and they do not modify any definitions expressly stated in any contracts of insurance. We encourage you to speak to your Customer Insurance Representative and to read your policy contract to fully understand your coverages.