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Here’s an important distinction you need to know. Condo associations have master insurance policies that typically cover only the permanent structures and common areas of your unit and nothing inside. Condo owners are responsible for their own personal property, which includes clothing, furnishings, as well as any appliances that can be unplugged and moved. You may also be responsible for replacing fixtures, flooring and plumbing.

How do you know what’s covered? Smart condo owners need to find out exactly what are the gaps in the master policy - where does that policy leave off and what’s your responsibility to replace.

Bottom-line, you need a personal condo insurance policy with specific options that will provide complete coverage for all of your personal property.  That’s why it is important to understand what’s covered by the master association policy and know what you’re responsible for should your unit be a total loss and need to be rebuilt.

• Personal Property Protection - Covers the loss or damage to your possessions
• Real Property Protection - Covers things you own such as fixtures and other installations that are not typically considered "personal property"
• Family Liability Protection - Provides legal representation and insurance against judgments
• Guest Medical Protection - Covers medical costs for visitors injured at your home
• Additional Living Expenses - Provides reimbursement for costs of temporary housing during reconstruction