Many condo owners we talk to are over insured. Their agent or the online carrier they purchased their insurance from didn’t take the time to discuss the situation. The policy purchased is a standard homeowners quote meant to protect the whole structure. And in some cases cost 50% more than what is actually needed. In many cases the condo owner is only responsible for refinishing the interior of the condo.
Some associations protect the exterior of the condo, but not the roof or the windows. Some associations protect the whole structure and the condo owners have to only protect their belongings and personal liability. It is important to have a discussion with one of our knowledgeable agents. We will take the time to understand your situation and walk you through what your policy needs to protect. Being over insured is better than underinsured, but why pay more for insurance if you will never be able to use it. Talk with an agent that cares and wants the best for you.
Generally, the condo association charges dues that they use to purchase a master condo policy. The master condo policy is meant to protect the structures within the association. In other words the master policy will rebuild the shell of the building stopping at the studs. Then, the individual condo owners policy would take over and finish the interior of the condo.
