Monday, May 9, 2011

The 411 on Condo Insurance!

Homeowners insurance is fairly straight forward. It covers the structure, your contents, your liability, etc. But when it comes to a condo unit, what is covered?

Condos are covered by two policies. The first is the “master policy” which covers the building and common areas, such as roof, stairways, hallways, boilers, etc., as well as liability. The master policy does not provide coverage for your contents and possessions, as well as your personal liability.

Your policy covers your furniture, your possessions and your property that makes up your household. Just like a homeowners policy, some items are provided very limited coverage, and you need to purchase a “floater” to cover these items, like jewelry and fine arts.

There are some other important coverages you should consider, such as unit assessment, water back up and umbrella coverages. These important coverages can be discussed with your agent at The Coffey Insurance Agency.

Until next time…

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