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Condo owners, ask yourself this question: If there's a fire, water damage or other devastating occurrence that results in my condo unit being declared a total loss, what am I going to have to pay for if my unit has to be completely rebuilt? 

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.

A personal condo insurance policy will be tailored to have the right options, which could include:

• 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

To avoid confusion and the potential of serious financial loss, find out how you're covered under your condo association's master policy and talk to your insurance agency about how a condo policy with options specific to your situation can provide you with the complete protection you need.