Maybe you do not want to own a full home due to the numerous maintenance and financial responsibilities that come with it. You might find, instead, that condominium ownership is a better option for you. Though the condo association might take care of many upkeep responsibilities, you still have a duty to protect your own property. Condominium insurance will be there to assist you if problems arise.

At Lupton & Luce Insurance, we fully understand how much security the right condominium insurance can provide the policyholder. We’ll work with you to design a policy that helps provide protection in case of a loss Call us at (631) 727-4114 or request your free quote now!

Common Condo Insurance Questions

How Does Condo Insurance Work? 

Unlike the average free-standing home, a condominium does not fully belong to the owner. The owner owns their unit and everything within their four walls. However, most of the dwelling’s structure, along with the amenities scattered around the condo property, are owned by the condo association. Therefore, a condo owner does not need the full insurance required of a free-standing home’s owner. Condo insurance provides the appropriate balance of benefits in that regard.

What Does A Condo Insurance Policy Cover? 

Condo associations often carry master policies to insure them against common property liabilities. However, unit owners still need personal condo insurance. Owners’ policies frequently offer:

• Contents insurance: Using this coverage, you can insure your belongings - including furniture, clothing, certain high-value items and electronics.
• Liability coverage: Accidents might occur on your property that harm someone else, like a neighbor. If you are legally responsible for that person’s injuries or property damage, then this coverage can pay for their losses.
• Additional expense protection: Should damage in your home cause you to have to move out temporarily, this coverage can help you cover dining bills, hotel fees or other essential costs until you can return home.

Dwelling coverage is available to qualifying condo owners. See below for more information.

Other benefits that you might need to include within your policy are:
• Accidental medical payments coverage
• Pet bite liability insurance
• Scheduled personal property endorsements

What Kind Of Dwelling Insurance Do I Need For A Condo?

Depending on the dwelling insurance that your condominium association’s master policy provides, you might or might not need to purchase additional coverage within your own condo policy.

• An all-in master policy insures all surfaces, structures and built-in features (I.e. cabinetry) on both the exterior and interior of the unit. Therefore, the condo owner will only need to insure their own possessions on their personal policy.
• Bare walls in master policies do not cover any of the structural features within your four walls. Therefore, the condo owner will need to purchase their own dwelling insurance to insure such features as appliances, bathroom fixtures and installed lighting.

How Much Condo Insurance Do I Need? 

To determine how to start building your condo insurance package, first speak to your condo association and your mortgage broker. Upon buying and financing a condo, your lender will likely require you to purchase condo insurance, and your association might also institute other coverage requirements, too. 
Upon knowing what your coverage requirements are, you can then work one-on-one with your Lupton & Luce Insurance agent to determine precisely what policy is best for you.