Your Condo Insurance Coverage Options
There are four parts to insuring a condo or coop:
- Interior structure
- Personal belongings
- Loss Assessment
- Liability
Interior Structure
In order to properly insure the interior structure of a condo, the Brown Insurance Group agents review:
- Bylaws of the condo association, and
- Property Lease section regarding damage to your building
Only by careful examination of these can Brown Insurance Group design the proper interior structure coverage for the condo or coop owner. At Brown Insurance Group we have 55 years of experience in condo insurance and will help you to understand your condo’s bylaws and property lease terms, and determine the insurance implications.
Personal Belongings
Insurance on contents (personal belongings) is an amount you need to determine based on the replacements as purchased today, not on the original purchase value. At the Brown Insurance Group, we provide you with the tools (inventory book, etc.) to help you better determine the proper level of coverage on your belongings.
Loss assessment
If the condo association has a loss and the association’s insurance is inadequate to cover the loss, the association is permitted to assess each unit owner in proportional shares of ownership for the association’s shortfall. However, without negligence on the unit owner’s part, loss assessments are generally not covered by the owner’s unendorsed policy. We recommend unit owners consider purchasing additional loss assessment coverage to protect against loss assessments.
Liability
Liability provides worldwide coverage if someone is injured as a result of the owner’s negligence as relates to a covered peril. For example, if a visitor trips over your dog and injures himself, or if your toilet overflows and damages belongings of your downstairs neighbor, you are protected by the homeowners policy’s liability coverage. Importantly, liability coverage follows the owner worldwide for actions or inactions causing bodily injury or property damage.
