Condo Buildings & Association Insurance — Something in Common
Condominium living is an ideal solution for those who want to own their own home, but don’t want the responsibilities that go along with a single-family dwelling. Because of this unique division between individual homeowner and group residence, insuring condos can present some challenges.
Typically, the condo association is responsible for insuring the common areas, such as the pool, exercise room, or party room. A condo association’s policy will likely include:
- Liability protection in the event that someone sustains an injury in a common area, this insurance would cover legal and medical costs of the injured party.
- Property coverage relating to shared areas of the entire unit. For example, the roof, elevator, basement, or hallways.
Thomas Ward Insurance Group has worked with many condo associations, putting together coverage for association that protects the interests of all condo dwellers.
Doing Your Part—Covering the Commons
As a condo owner, you’ll be responsible for the insurance of your individual unit. Just like a single-family dwelling, you’ll want to make sure you’re protected from loss. Common coverages to consider include:
- Additions and alterations coverage: This is also known as Walls-In or Dwelling Coverage. This insurance encompasses all real property from the framing inward, including wall coverings, flooring, cabinetry, countertops, lighting, and plumbing fixtures.
- Personal property coverage: Just like any other homeowner, you want to protect your personal belongings, such as your TV or furniture, from theft or damage. This policy offers you that coverage.
- Liability coverage: If a lawsuit is filed against you as a result of someone’s bodily injury or property damage in your unit, this policy would safeguard you.
- Additional living expenses: If you experienced a small fire in your unit’s kitchen making it necessary for you to live elsewhere while repairs were made, this policy would cover those expenses.
Some states and even some condo associations require condo owners carry these types of insurance. For information on the coverages you need, contact the Thomas Ward Insurance Group. We’ll make sure you have the kind of condo coverage you need.
Coming Together for Greater Coverage & Cost Savings—Call Today
Condo associations and condo owners can come together to guarantee that they have complete protection for the sake of all who share the condo living space. At Thomas Ward Insurance Group, we’ll work with everyone involved to get the best coverage possible. Call 312.254.1500 today to get a quote or email our agents learn more.