Your condo insurance unit owner’s policy should be personalized to your unit and your belongings. As a unit owner, you may own part of a your building but not all of it.
Personal Condominiums typically need at least two types of insurance policies for their units. The Condo Master policy provides property and liability for the association and unit owners and the Condo Unit owner’s policy provides insurance for the individual condo unit and its owner.
When properly designed these two policies work together to provide you (the unit owner) and your condo association with insurance protection that is needed. At Herlihy Insurance Group we do offer both Condo Unit owners Insurance and Condo Master Policy Insurance.
This policy provides the following types of insurance protection for the unit owner:
Coverage for your individual unit
Your condo owners policy includes coverage for the part of the structure that you own and may be required to insured. Typically this refers to the inside of your unit and usually covers such interior items such as cabinets, flooring, countertops and other interior items as specified in your policy.
It is extremely important that your agent tailor this part of your coverage to coordinate with your Condo Association Master policy coverage and specific condo documents.
Coverage for your personal belongings
As a unit owner you let us know how much coverage you would like on your personal belongings. Some smaller condo owners select limits as low as $20,000 and some of our larger condo owners select limits of $250,000. Your limit for this part of the policy is customized by you.
You may also elect to “Schedule” an item on your policy and designates coverage just for that item. For example, you may have a ring worth $8,000 but your policy only covers $3,000 worth of jewelry. By scheduling the ring, you can insure its full appraised value.
Coverage for your personal liability as a property owner
As a unit owner you need personal liability protection because you own the unit.
Your condo insurance protects you in certain situations if you’re held legally responsible for damage caused to someone else’s property. If a guest is injured while visiting you in your condo, they’re covered too. You and your family are protected against bodily injury, property damage claims, and litigation
Coverage for Loss of Use
If your condo were damage in a covered loss and you needed to reside elsewhere, this part of the policy would extend payments for this expense.
Coverage for Medical Payments
If a guest were injured at your condo this coverage would pay cover medical payments up to the policy limit selected.
Loss Assessments Coverage
As a unit owner you may be assessed a share of a loss to property owned in common by all the unit owners.
Adding sufficient Loss Assessment coverage to your unit owners policy is critical.
Condo Master Policy
There’s a chance that an incident involving your condo may be covered by the association’s policy. A condo association master policy typically insures the building’s walls, roof, and plumbing outside of your unit and may even extend coverage to your individual condo unit.
A thorough review of your condo by- laws, insurance requirements, condo boundaries and the condo association master policy are necessary when determining the coverage needed for your individual condo unit. Please pay specific attention to your Condo Master Policy deductible. It is extremely important to understand this when reviewing your condo insurance.
Ways to Save
Home Security System
Additional discounts are available if your home has a home security system. Different savings are offered by different companies and the discounts may range from 5% to 20% of your annual premium.
Increase your Deductible
The higher your deductible, the more money you save on your premiums. Always ask for your deductible savings options of $500, $1000, $2500 and even $5000.
Home owners save 15-30% on your annual premium when you insure yourr home, car and umbrella with one agent.
Loss Free Credits
Companies do reward loss free home owners. You may see your loss free credit listed on your policy or your loss free record may get you into more competitive pricing options.
Many of our companies reward long time clients. Ask about longevity credits before you change your insurance provider.
Mature Home Credit
If you are 55 years or older some companies offer a mature home credit for their clients.
Credits are available for non smoking households.
Maintain good credit
Home insurance companies are utilizing insurance score when offering pricing on your policy. A solid credit history will keep your insurance premiums low.
Seek out other discounts
The value of our agency is that we represent a number of home insurance carriers. Each carrier offers its own unique credits. We look forward to working with our clients to find all the possible credits.
E policy Savings
Receive your policy documents electronically.
Frequently Asked Questions
What do I need to review how my condo should be insured?
A copy of your condo associations declarations and condo by laws as well as the information defining the boundaries of your individual condo unit.
How much Loss Assessment do I need?
Loss assessment will provide you with valuable protection if your condo association assess members for a covered loss. We recommend a minimum limit of $100,000.
Here is an example: Let’s say your condo master policy did not have enough insurance on your building and they had $50,000 of uncovered damage. Your association may then assess unit owners this amount. Your unit owners loss assessment would then respond to a covered loss for this assessment. The cost of this additional coverage is very reasonable.
Does my condo insurance include coverage for backup of water and sewer?
Back up of water or sewer is an additional coverage that must be added to most policies.
Does my condo insurance cover me for flood?
Flood coverage is not included on a condo policy. A separate flood policy is required to provide this type of insurance protection.
I have a detached garage that is part of my condo. How do I cover this?
You may add this OTHER STRUCTURE to your condo unit owners policy. It is important for condo owners to know that there is no OTHER STRUCTURES coverage automatically included on their policy.
If I decide to rent out my condo do I need to change my insurance?
Yes, there are different policy types for condos that are owner occupied and condos that are rented.
Do I need a personal Umbrella Policy if I have a condo insurance policy?
A Personal Umbrella Policy provides you with additional liability protection over both your condo and car insurance policies. With rising medical costs and liability awards this additional coverage is needed and the cost is minimal (starts at $180 per year).