Condominium insurance policies are just as important to review as any homeowner’s policy. Additionally, differences exist between the two types of insurance that you’ll want to know.
Most condo association insurance policies have a master policy that protects the grounds, common areas and the structure of your condo unit. The master policy usually has a standard “bare walls” policy, which does not cover your personal property within your condo, and can leave it unprotected from fire, theft or vandalism.
While condo associations do offer “all in” policies, which cover fixtures and other items within your condo, you may still be under insured. We encourage condo owners to purchase additional coverage so that additions, alterations or any added value is covered up to its appropriate value.
When considering your condo insurance, you have the option of purchasing cash value or replacement cost. While purchasing insurance based on replacement cost may be more expensive, it is better than purchasing insurance on cash value, which only covers the depreciated value of the damaged item, not its replacement value.
At Deland, Gibson, we encourage every condo and homeowner to review their policies carefully. Please call us at 781.237.1515 if you would like to learn more about condominium insurance.