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Condominium Insurance

There are some significant differences between insuring a luxury single family home and an upscale condo.

Condo owner’s need to answer some key questions to make sure they have the right insurance in place including:

1. What does the condominium complex master policy cover?

Condo owners are typically responsible for insuring the contents of their unit. Common area, such as hallways, pools, lobbies and building exteriors are insured by a master insurance policy funded from monthly dues in the association paid by all residents. Most master policies cover everything outside the unit’s framing. Other master policies provide additional coverage for items like additions, flooring and ceilings.

2.  How much is condo association’s insurance deductible?

Should disaster strike the deductible is a shared responsibility of all association members and this responsibility are spelled out in the association’s bylaws.

3.  How much insurance coverage is needed?

Most insurance experts recommend a minimum of at least half the market value for interior structures but others consider similar levels of coverage used by condo owners in the same complex.

4.  Do you want to insure for cash value or replacement cost?

Insuring for cash value is based on the value of the insured item minus depreciation. So the more years that pass the greater the depreciation and the smaller the insurance check if a disaster occurs. With replacement cost, the check would be for the actual amount needed to replace damaged items. An inventory of valuables to be covered is recommended.

5. Do you need Flood Insurance?

Usually flood insurance is not included in condo policies but it can be added and is recommended for those in coastal areas.

Recently NPR.com had a wonderful article about insurance coverage and took a humorous and yet very accurate look at what is covered or excluded from coverage (bowling balls, Lava and more!) To read or listen to the article Click here

Golden Global Insurance experts can help you answer these key questions and develop a condo insurance policy that covers your needs at the lowest possible cost. Call 1-305-899-5125 to get started.