So, you’ve taken the plunge and opted for condo life. Now that the papers are signed, it seems like everything is taken care of for you- building maintenance, roof repairs, landscaping and insurance. It’s time to relax because everything is covered, right?

Not Quite. Although each condo association may vary, typically the insurance policy provided by the condo association covers the building structure and common areas. But, what about the potential structural damage to your unit and covering your belongings?

Without a personal condo insurance policy, you could be left high and dry if your unit experiences damage.

Most condos need two insurance policies. A Master Policy generally is provided by your condo association. This is the policy that covers the physical structure and usually includes both physical damage and liability. Request a copy of the policy so you understand exactly what’s covered.

A Personal Policy will cover the additional structural damage to your unit. Depending on the condo’s bylaws, this could include your unit, cabinets, appliances and personal belongings. This would also cover additional living expenses should you fall victim to a devastating loss and need to stay elsewhere while the condo is fixed.

We congratulate you on the new condo. Reach out to your agent if you have any questions regarding the insurance coverage for it.