What Components of a Condominium Do Condo Insurance Policies Cover?
When shopping for coverage, condo owners should look for a condo insurance that complements their condo association’s master policy. A good condo policy covers everything that a master policy excludes from its coverages, without covering things that the master policy does cover.
There are two types of condo association master policies: “bare walls-in” policies and “all-in” policies. All-in policies are also known as “single-unit” policies. Bare walls-in policies usually only provide coverage for the walls of a condo unit. In some cases, they also cover the unit’s plumbing and electrical systems. All-in policies typically cover both a condo unit’s walls, plumbing and electrical systems, and fixtures. The list of fixtures that are covered might include cabinets, flooring, appliances, and other items.
Condo owners whose associations only have bare walls-in policies often opt for a condo policy that includes coverage for their condo unit’s features. Owners whose associations have more robust all-in policies sometimes don’t need any coverage for fixtures (they typically still need a condo policy to protect their personal possessions and for liability coverage).
How Can Condo Owners Get a Copy of Their Condo Association’s Master Policy?
Because a condo policy should complement a condo association’s master policy, condo owners should get a copy of their condo association’s master policy before searching for a condo policy. Most of the time, a copy of the master policy is provided when a condo is sold. If a copy wasn’t provided, or if it’s been lost, condo owners can usually get a copy by contacting their condo association’s board of directors.
Does Condo Insurance Cover Floods?
Like most homeowners policies, most condominium policies don’t include coverage for floods. Flood insurance, which is sometimes required by lenders if a condo is in a flood-prone region of New Jersey, often must be purchased separately from a condo policy.
How Can Condo Owners Find a Good Condo Policy?
For help finding a good condo insurance policy, condo owners in New Jersey should get in touch with an independent insurance agent near them. An agent can help review a master policy and determine what coverages a condo owner should look for in a condo policy. An independent agent can also assist with the search for an affordable policy, as they can look up policies from many insurers in the state. There are independent agents who are familiar with condominium insurance located throughout the state that are experienced and ready to provide great insight.