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Do you need Homeowners Insurance if You Own a Condo?


The answer is yes but the type and amount of coverage can be a tougher question to answer.


Many people make the mistake without researching that they are responsible for the contents only.


The first step is to know the Master policy (meaning what the association is insuring). Part of the association dues that are paid cover the part of the complex that is owned in common from the exterior of the buildings,  pool areas , maintenance buildings, club houses etc.


Typically the master policy does not cover any individual unit thus you are expected at a minimum to have coverage for your personal belongings and personal liability.


Depending on the association master policy/by-laws will then determine if and what type of coverage you may need for the structural items.  In some cases the master policy may only cover the structural aspects and you would be responsible for studs in including drywall, flooring, fixtures etc or in some cases the master may cover some of this. This can vary from association to association so be sure to ask your realtor/association for this information which can be obtained quite easily from the association management company.


This information also dictates to the lender what they may in turn require for insurance when and if you are applying for a loan.


Another area to know is what the deductible is on the master policy as in many cases if there is a covered loss on the master policy the association will asses the unit owners for the deductible(of course shared with all unit owners). You can typically add coverage to your condo home insurance policy to help against this through loss assessment coverage.


Bottom line is there is more to it then just insuring your contents so be sure to check with the association on what the requirements are and share that with your insurance agent so you can purchase the correct coverage as needed by you.


Scott E Weeks, CPCU

CFL Insurance Agencies LLC



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