Condominium Owner Insurance Information
Condominium insurance provides condo owners with liability and personal property protection. Depending on the master policy provided by the condo association, condo owners may need additional insurance.
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What is a Condominium?
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A condominium, also called a condo, is a form of communal property ownership. Condo owners own their own condo units and can sell or lease these units as they wish. They also own part of the common area in the condo development and typically contribute to maintenance of this area through annual condo fees.
Coverage Condominium Insurance Provides
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A basic condominium insurance policy provides liability and personal property coverage. Liability coverage protects you if someone is injured while visiting your condo. Personal property coverage protects you if your belongings are stolen or damaged. Condo insurance may also provide loss of use coverage, which will pay your additional living expenses if you have to live elsewhere while your condo is repaired following a claim.
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Master Insurance Policy
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The condo master policy covers common areas in the condo development such as stairwells, elevators and community buildings. You need to read the master insurance policy to see if it also provides any coverage for individual units.
Bare Walls Coverage
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If the master policy provides "bare walls" coverage, then it insures only the condo building itself, such as roofs and walls. Condo owners must provide insurance for everthing in their units, including appliances, carpet, cabinets, fixtures, wallpaper, interior partitions, wiring and plumbing.
Single Entity Coverage
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If the master policy provides single entity coverage, it covers the building plus some items inside individual units. These items usually include cabinets, carpeting and appliances.These policies only cover original items in the condo, not additions or alterations.
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References
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