When you own or rent a condo or apartment, you must have insurance. You won’t be able to live in your condo or apartment without it. That insurance is known as a master condo policy, and it generally covers the shell of your unit. That means that it covers shared areas and the four walls of your home. However, it does not cover any of your personal belongings that reside inside the condo. It also does not include any improvements you make to your home.
That doesn’t sound like a great deal, now does it? We agree. And that’s where we come in.
Master condo insurance is crucial because you will be covered in the event of a fire, frozen pipes, theft, or other damage. What won’t be covered in those instances is anything you own that gets damaged in the process. That includes your $4,000 Peloton, your $1,000 TV, your $2,000 washer and dryer, your fiance’s $8,000 engagement ring, and the antiques that have been in your family for generations. Also excluded are the countless items that have sentimental or other value.
When you sign up for a condo insurance policy through Collins Insurance Agency, your personal property and belongings will be protected. Everything listed above, plus everything else in your condo, will be covered, and you will not be charged out-of-pocket to fix or replace your items.
In addition to personal and property coverage, your policy should also include liability coverage. For example, this would consist of the medical expenses of someone injured in your condo. It could also cover you if you were responsible for damaging another condominium.
If you spend $50,000 on upgrades to your condo, that would not be covered under your master condo insurance. But it would be covered through a personal condo policy, which could include kitchen cabinets, carpeting, wood flooring, built-in wall units, and so much more.
Your condo is your home. It’s where you keep your most valuable possession, and you spend most of your time. Unfortunately, there are so many coverage options and policies that it can be challenging to know what’s right for you. If you’re looking for a low-cost way to protect your belongings, reach out to us for a condo insurance quote.
