You’re buying a condo or you already own one…do you know where your insurance coverage is coming from?
If you’re buying a condo and have a loan, you bank/mortgage company will be looking for verification that the unit is insured. They usually are satisfied with a binder (insurance verification) from the “Master Policy” which is purchased by the condo association. But that’s not all that you need…EVER! The master policy is then governed by Condo Association Documents (Condo Doc’s) and a master deed. These describe in great detail where common property starts/ends, where your property starts/ends, responsibilities of owners/condo board members and how/what the master insurance policy is going to cover in case of a loss. Just because the master policy says it’s “all inclusive” may not mean the same thing from condo association to condo association, it all depends on what the condo doc’s say and what is written in the master policy contract. The master never will cover your personal property, your personal liability or loss of use or rent if you own a condo and hold it for rent.
Condo insurance is more complex than tenants insurance and should never be treated as such if you own the condo. There are many details to check and verify before a policy is written.
Atlantic Insurance will guide you through the process of having the right coverage for your condo. We will detail the coverage options that meet your specific needs allowing you to make an educated decision about what’s right for you and your condo.