Condo Insurance

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Know what coverage you need

Protection differs for those who own a condominium or rent

Renters have no need to provide insurance protection for the building. Condominium owners typically need to provide insurance protection for the portion of the building they own.

Condominium associations differ in defining the owner’s responsibility. Review your association’s agreement to determine your financial responsibility.

In either case, we can help determine the appropriate level of protection for your personal property. Take an inventory of your personal belongings and consider additional coverage for any valuable items such as jewelry or art.

Why do I need condo insurance?

Unlike homeowners who must insure the entire structure (their house), condo owners must take a slightly different approach when determining their insurance needs.

Who’s responsible for what?

You own a condo and the association has insurance. So why do you need insurance, too?

A condo association typically collects dues from unit owners and uses a portion of these funds to insure common areas such as building exteriors, swimming pools, etc. Meanwhile, each individual unit owner is typically responsible for insuring everything within the walls of their unit. This includes appliances, flooring, countertops, personal possessions, etc.

The condo association’s bylaws will spell out which parts of the complex are insured through association dues and what you are individually responsible for. These rules vary from complex to complex, so it’s important to read and understand these coverages.

Calculate the coverage you need

Ideally, you want enough condo insurance to rebuild your unit and replace your personal possessions in the event of a total loss. You can calculate how much coverage you need by breaking it down into two parts: coverage for contents and coverage for structural items. Structural items include anything that is physically attached to the unit such as countertops and flooring. Content items include your personal possessions such as furniture and jewelry.

  • Structural coverage. Ask either your realtor, condo builder, or condo association the price per square foot to rebuild your unit. Remember that this price does not include any upgrades you may have added. For example, if you upgraded your kitchen with granite countertops and stainless steel appliances, be sure to adjust your coverage to include these upgrades.
  • Personal property coverage. Start by documenting the total original cost and estimated present value of your personal possessions. Member Benefits has provided an online worksheet to help you organize this information. Visit our Web site at Click on Forms and Brochures under Insurance. The worksheet is named Home Inventory Form.
Content vs. Structure
Content examples Structure examples
Jewelry Lighting
Electronics Countertops
Furniture Flooring
Area rugs Cabinetry
Collectibles Carpeting

Keep your coverage up to date

It’s important to perform an annual checkup on your insurance coverage. Unlike homeowners, condo owners must review the most updated version of their bylaws to adjust for any changes in coverage responsibility. Also keep in mind any remodeling and/or upgrades to your unit as this can affect your coverage needs.

Call one of our consultants at 1-800-279-4010 or visit our Web site at for a free insurance consultation and comparison quote.

Every Member Financially Secure

WEA Member Benefits has been helping Wisconsin public school employees achieve their financial goals for over 35 years by providing personal insurance and retirement and investment programs that are designed with unique qualities that set us apart from other commercial providers.

We operate as a trust that reinvests any profits back into programs that benefit participants. Since we do not have to pay shareholders, we can focus on meeting the needs of those we serve with high-quality products that are competitively priced rather than increasing profits.

Outstanding customer service is what you can expect from Member Benefits. In fact, we have one of the highest customer retention and satisfaction rates in the industry.

Effective April 2017. Subject to change.

WMBT 4093-290-0417