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Murphy Insurance2015-02-03 09:00:012024-07-18 13:56:51What is Your Jewelry Worth? When Should You Update Appraisals?Condominium Insurance is essential for protecting your unit and personal property. While the condominium association’s master policy covers the building and common areas, it doesn’t cover incidents like burglary, smoke damage, or personal liability within your unit. A condo owner’s policy ensures you’re protected against theft, interior damage, and liability claims, providing peace of mind in various situations.
Similar To Homeowners Insurance, But Different
What’s covered by the condominium association’s master policy is determined by the association’s bylaws/articles and other laws. Often, the master policy coverage stops at the exterior walls of the building, which means you’re responsible for the interior and your possessions. Because rules differ between associations, it is essential to find out from your condo association what the bylaws state you are responsible for. We recommend that your policy’s Dwelling A coverage limit equal the deductible on your Condominium Association’s Master Policy. Depending on your situation and needs, you may require additional coverage.
Check With Your Condominium Association Bylaws To Determine Your Responsibility
Suppose there is a change to your Association’s Master Policy or bylaws that may impact your coverage needs. In that case, it’s essential to have a conversation with one of our professionals to review everything.
NOTE: A condominium owner policy does not cover floods. To protect your property, you need a flood insurance policy.
Determining Your Needs
Answering these questions can help you determine your insurance needs. If you need more details, a Murphy Insurance professional can assist you.
- According to the bylaws, what parts of the structure, exterior or interior, are you responsible for?
- What would it cost to replace or repair the inside of my home?
- What could I be assessed for if there is a loss and the association doesn’t have enough funds to pay for damages?
- Does the condo policy I’m buying include “loss assessment” coverage, or do I need a special endorsement?
- How much will it cost to replace my personal contents?
- Do I need replacement cost rather than actual cash value coverage protection for my dwelling and contents?
- Do I need flood insurance?
- How much protection should I have to cover liability and medical expenses for visitors who are injured on my property?
- Do I have valuable items that could exceed limits in my policy that I should “schedule,” such as jewelry, fine art, antiques, electronics, or other special items?
- Do I need extra protection to cover my home business contents and liability for meeting clients at my home?
Liability Protection
We live in a litigious society where lawsuits are common. What happens if a family member or guest in your condo slips on a rug or falls down the stairs and breaks multiple bones? Your condo policy protects you if you’re found responsible for unintentional injuries to another person or damage to property. This protection applies to all family members living in your household and covers you whether the accident occurred on your property or elsewhere. Liability protection covers medical expenses, other compensation awards for injuries, and the costs of a liability lawsuit for a covered incident.
Special Discounts
Insurance companies provide discounts in certain qualified situations. Based on your information, one of our trusted professionals will work with you to maximize all discounts you are eligible for.
These may include discounts for:
- Auto & Condominium Package Discount
- Central Station Fire & Burglar Alarms
- Smoke Detectors
Insurance Companies
At Murphy Insurance, we work with top rated insurance companies and compare options to find the best balance of cost and coverage that meets your needs.
Read Our Condominium Insurance Blog Posts
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Murphy Insurance2015-02-03 09:00:012024-07-18 13:56:51What is Your Jewelry Worth? When Should You Update Appraisals?