Q: I own a condo. What kind of insurance do I need?
A: Generally, a condo association insures the building and common elements under a single policy, called the master policy. This policy typically provides one of three kinds of coverage:
- The basic building (walls, roof, floors, elevators), but not unit items (such as appliances, carpeting, cabinets, wall coverings) and in some cases not interior walls.
- The basic building and unit items, but not unit additions, alterations or improvements made by you at your expense.
- The basic building and unit items, including additions, alterations and improvements.
When a master policy is in place, you’ll need to purchase an individual policy to cover the items not covered by the master policy.
A typical condo unit owner policy also includes coverage for:
- Personal property: In most cases, condo unit owners are responsible for insuring their possessions.
- Loss of use: This coverage applies if you temporarily have to live elsewhere because your condo was made uninhabitable by a fire or other covered peril.
- Personal liability: Liability coverage protects you if others make a claim against you for injuries or property damage for which you are responsible.
Have further questions? I’d love to answer them! Feel free to call or text my office at (704) 526-0887 or visit us in person at 9539 Idlewild Road or online at MyMintHillAgent.com.