COMPARE BEFORE YOU SHOP, Part 3 ~ Condo Unit Owner's Insurance

Do Your Homework - CONDO INSURANCE POLICIES

When insuring your condo, make sure you know exactly what your Home Owners Association (HOA) Master Policy covers.  Coverages may vary from association to association, but typically the owner of the unit is covered in one of three ways: 

1. Coverage for the basic building, which includes walls, roof, floors, etc., but the unit owner is responsible for the appliances, carpeting, cabinets, wall coverings, and other items in their unit, including the interior walls in some instances.  
2. Coverage for both the basic building as well as items within each unit, other than the personal property of the unit owner. 
3. Coverage for both the basic building as well as the unit owner's fixtures and improvements. 

When the HOA Master Policy covers the structure, a condo unit owner policy is usually written to cover items that are the responsibility of the individual owner/tenant such as:

• The value of building additions/upgrades made at the expense of the unit owner.
• Value enhancements like an upgraded quality of carpeting.
• Damage to the unit that might not otherwise be covered because of the master policy deductible.

Doing your homework is critical.  Be sure to ask about additional endorsements 

for situations your master policy may not cover. The endorsement for water 

damage is a must add!