Your condo insurance policy is unique to you as a unit owner with your contents and improvements. It is also unique in that it works hand in hand with the association’s master policy, often picking up where each other leaves off.
Know Your Condo Insurance Coverage
What can my Condo Insurance cover?
- Dwelling Coverage (typically from the walls in)
- Contents Coverage
- Loss of Use
- Personal Liability
- Water / Sewer backup*
- Loss Assessment*
- Valuable items (jewelry, art, collectables)*
- * Coverage available by endorsement
What is likely excluded from my Condo Insurance?
- Earth Movement
- Water Damage*
- Power Interruption
- Nuclear Hazard
- Intentional Loss
- Governmental Action
- Criminal Acts
- Diminished Value
- Fungi, Wet or Dry Rot, or Bacteria
- Business Use of home*
- *available by endorsement. Flood policies available.
Content is for educational purposes only and is not an offer of coverage. Please read and understand your specific policy coverage and exclusions.
Novallus Insurance Tips
What to consider when selecting your coverage.
- Alert your agent if your condo becomes vacant or is rented to tenants.
- Provide a copy of the association’s master policy for review at quoting time and with each renewal. Associations can change their insurance coverage and create a gap.
- Consider water & sewer backup and loss assessment coverage.
- Typically a lower deductible won’t cost much more.
Sara’s townhouse was damaged by a hailstorm. Roofers came to the development and fixed the roofs. Sara didn’t think anything of it. Three months later she gets a bill from her association for $3,700. This was her portion of the associations 1% wind & hail deductible. She selected loss assessment, so she ended up paying her $500 deductible instead of the full $3,700.
Some of the less understood and low cost endorsements can provide valuable coverage come claims time. Sara avoided a $3,700 financial loss by selecting a $9 coverage endorsement.
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