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People often ask me whether or not they need condo insurance. After all, they say, our condo association has a master policy. Doesn't that cover us?
Yes and no. In most cases, the association's master policy covers the condominium buildings, common areas, and liability for the association.
But that coverage usually does not extend beyond the exterior walls - leaving the condo owners responsible for damages to their furniture, clothing, computer, and other personal property. It also doesn't cover the liability or medical bills for a guest who might slip and fall inside your unit, or for personal belongings that are stolen in a burglary. To understand what's covered and what's not, it's a good idea to familiarize yourself with both the association's master policy and its bylaws.
Then, to make sure your personal property and the interior of your unit are protected and that you have liability protection in case someone is injured on your property, you'll need a condominium owner's policy.
Condo policies come with multiple options. So whether you're in the market for a new policy or simply reviewing your current policy, you'll probably have questions. Should you choose coverage that pays the cost of replacing your damaged, destroyed or stolen property instead of its depreciated value? If you insure your condo and automobile with the same company, would you be eligible for a multi-policy discount? If the building and common areas were destroyed by a hurricane or other insured disaster and the losses are not fully covered by the master policy, will your condo policy help pay the assessment that may be imposed on all unit owners to help cover the loss?
We invite you to bring us these and any other questions you may have. We welcome the opportunity to demonstrate Mid-State's commitment to "individualized solutions" by helping you find a condominium owner's policy that meets your specific needs.
Owning a condo can be a great investment. And having the right condo insurance is an important way to protect that investment.