Condo Insurance

How convenient it is to live in a condo!  The locations are great, they’ve got pools, fitness centers, and are typically low-maintenance.  To top it off, insurance isn’t all that bad either.

 

Condo Master Policy

Most likely, your condo has something called a master policy that insures the entire outside of your building.  If a storm comes and the roof gets messed up, the master policy will cover that.  What it does not cover, however, is your interior walls and all of your belongings.  That’s where Heritage Insurance comes into play!

 

Flood Policies

If you live on a ground floor unit, then you’ll need an extra flood policy.  Flood policies are issued by the government and we are uninvolved in its pricing.  However, if you live on the first floor of a condo with parking underneath, a flood policy isn’t necessary!

 

What’s Covered By Condo Insurance?

For starters, your personal property (all your stuff).  This is “Coverage C”.  Personal Property includes furniture, cabinets, clothes, tvs, etc.  Guns and jewelry are only covered up to $2,500 while things like cash aren’t covered at all.

Liability!  Usually this is set to $300,000, but you can choose from $500,000 or even $1,000,000.  What does liability cover?  If someone came into your unit, slipped on the flood, and broke their back, liability would pay for those costs.

Your dwelling, “Coverage A”.  The walls of the inside of your condo itself is usually covered for $1,000, but can be increased to more than that if you’d like.

 

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