Protect Your Property With Condo Insurance
When it comes to condo insurance, property owners need two types of policies. At Muller Insurance, we can help you acquire both your own insurance policy and a master policy.
Individual Condo/Co-Op Interior Insurance vs. Master Condo Association Insurance
Your personal policy will be condo insurance. It will cover damage to personal possessions, living expenses in the event of a disaster and also liability. The master policy covers the common areas you share with others in your building. One of the most important things about owning a condo is knowing which parts are covered by your own policy and what is covered by the master policy. Be sure to read your Association By-Laws to determine your responsibility.
Master policies typically cover the following:
- Replacement Cost
- Condo/Co-Op Insurance
- Director of Officer Coverage (D&O)
- Personal and Other Liability
Personal Policies for Condo Owners
There are also several additional coverage policies available for condo owners, including the following:
Unit assessment: This reimburses you for your share of an assessment charged to all unit owners as a result of a covered loss.
Water back up: Covers your property damage caused by the back up of sewers or drains. Water back up may not always be included in a policy.
Umbrella liability: This is an inexpensive way to get more liability protection and broader coverage than is included in a standard condo/co-op policy.
Flood or earthquake: If you live in an area prone to these disasters, you will need to purchase separate flood and earthquake policies. Both flood and earthquake insurance can be purchased through your insurance agent.
Floater or endorsement: If you own expensive jewelry, furs or collectibles, you might consider getting additional coverage since there is generally a $1,000 to $2,000 limit for theft of jewelry on a standard policy.
At Muller Insurance, we have the decades of experience needed to make sure you and your condo are protected. We have all of the coverage options available that will be required by your condo association, meaning we can take care of everything for you so you don’t need to search elsewhere for additional policies.
Remember, every condo association has different rules and regulations regarding insurance policies. It is important to find out what they require before taking out a policy on your own.