When your home is a condominium, no matter the building structure, would you know what questions to ask your condo association before purchasing insurance to cover your investment? Condo owners' needs vary. Here at the Schaefer & Delauder Insurance agency in Germantown and Frederick, Maryland (Montgomery and Frederick Counties), we can help you understand your options and responsibilities and walk you through making the right choices for your own condo insurance needs, whether you live in Maryland, Virginia, West Virginia, North Carolina, New York , Pennsylvania, Delaware or Washington, DC.
Condominium insurance provides coverage for your personal belongings as well as coverage for structural improvements to your dwelling and additional living expenses if you are forced to temporarily relocate during repair/rebuilding of your unit following a covered disaster.
What is not Covered
Your condo insurance policy will not cover the common areas you share with other condo owners in your building. These typically include the roof, basement, elevator and walkways. These common areas are covered by a “master policy” purchased and owned by the condominium association or board.
What to Insure
To ensure that your condo insurance policy offers adequate coverage, first consult your association’s by-laws or proprietary lease, and speak with condo or insurance specialists. Sometimes, a condominium association is responsible for the entire condo unit as originally built, but sometimes only for the bare walls, floors and ceiling. In case of the former, you must only insure alterations to the original structure; but in the latter case, you must insure built-in appliances and casework, wiring, plumbing, kitchen and bath fixtures, etc.
Additional Coverages for your Condo
Coverages in addition to your condo insurance policy might include:
- Unit assessment to pay your share of an assessment charged to all unit owners by the association for the repair of loss sustained through damage to the common areas.
- Flood or earthquake insurance since these disasters are not typically covered by your condo policy.
- Water back-up coverage pays for loss caused by sewer or drain back-up.
- Additional coverage for expensive belongings such as furs, collectibles, jewelry, etc.
- Umbrella liability to supplement your standard condo insurance policy.
Our capable agents have experience with condominium insurance; and with their help, you can learn about available discounts and coverage choices to create just the right policy for your needs. So, if you live in MD, VA, PA, WV, NC, DE or DC, why not contact us today here in Germantown and Frederick, MD (Montgomery and Frederick Counties) to discuss how we can help or get a free quote.
The scope of your insurance coverage and options depend entirely upon the policy and the insurance company providing it. This website is not intended to advise, offer or bind coverage. You should always discuss your insurance issues with professionals such as a licensed and qualified insurance agent like those at the Schaefer & Delauder Insurance Agency before making any decisions or choosing a course of action.