Why do you need Condominium/Townhouse insurance?
Sometimes the association is responsible for insuring the individual condo units, as they were originally built, including standard fixtures. You are then only responsible for alterations to the original structure.
Sometimes, however, the association is only responsible for insuring the bare floor, ceiling and walls. You must insure everything else. Ask us for help- we will be happy to sit down and do a careful review with you to make sure you have no "gaps" between policies!
Protect your home, Protect your belongings and Protect the assets you’ve worked so hard for!
Dwellings and other structures
For townhouse owners, your townhouse and separate structures are covered for almost any type of damages except for a few common exclusions, such as wear and tear, earth movement, flood, nuclear hazard and earthquake.
Dwelling Improvements, Alterations, and Additions
For Condominiuim owners, you are covered for accidental damage to improvements you make in your unit for which your association's policy does not provide coverage, subject to your policy limits.
Personal Property
Condominum insurance provides coverage for your household contents and personal belongings. You may think your couch, coffee table, sweaters, shoes, coats, TV, VCR and CD player aren't worth a lot but those items all add up.
Loss assessment
You'll receive up to $1,500 for assessments arising from covered damage. This can be used to pay for your share of property damage or injury awards for which your association's policy does not provide coverage. Typically, up to $50,000 is available, but this may vary depending on your policy.
Personal Liability
In the event someone is injured on your property or you damage property that belongs to others, you could be held legally liable for the injury or damage. The condominium policy provides personal liability coverage to financially protect you should this ever occur. |
