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Condo Insurance

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 weabenefits.com. Click on Forms and Brochures under Insurance. The worksheet is named Home Inventory Form.
Content vs. Structure
Content examplesStructure examples
JewelryLighting
ElectronicsCountertops
FurnitureFlooring
Area rugsCabinetry
CollectiblesCarpeting

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 1-800-279-4030 or sign up for a free insurance consultation and comparison quote.

WMBT 4093-290-0417 (W)

Effective April 2017. Policies and programs described are subject to change at any time.