When you own a townhouse, condo, co-op or condo-op your condo association plays an integral role in determining what kinds of insurance coverage you need. Some complexes’ master policies only cover the exterior building and common areas, while others take care of things like your flooring, cabinetry or light fixtures.  In either case, you’re responsible for keeping yourself and your personal belongings safe.

What’s Your Stuff Worth?  An agent can answer your questions about common condo coverage types, like:

Personal property coverage
Covers the possessions inside your condo or townhome, like furniture, electronics and clothes, if they are damaged due to a fire, smoke, vandalism or other covered peril.

Liability coverage
If someone sues you after being injured on your property or if you damage their property/condo, this helps cover your legal costs.

Guest medical coverage
Covers x-rays, ambulance rides and other reasonable and necessary medical expenses if someone injures him- or herself while on your property.

Reimbursed living expenses
Reimburses you for additional living cost if a covered loss makes your condo or townhouse uninhabitable. It typically takes care of food, a temporary place to live and more.

Building improvements and betterments
Covers belongings that aren’t typically considered personal property, like cabinetry and appliances. These items are occasionally already covered on your condo association’s master policy, but upgrades are not.

Loss assessment coverage
If something happens to your condo’s shared building or common areas that exceeds the condo association’s insurance limits, all unit owners may be required to pay an assessment toward repairs. This add-on covers your share of the loss assessment.