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Condominium Insurance

similar to home owners...but a bit different

A condominium association has a “master” insurance policy covering the condominium building, commonly owned property, and liability insurance for the association. This protects the association and common interests of unit owners.

When it comes to situations such as a burglary of your condo, smoke damage to interior walls or a visitor hurting their back from slipping on a rug, you need your own insurance protection. A condo owner’s policy will protect you in situations of theft, damage to the condo interior or your personal liability.

Check with your condominium association bylaws to determine your responsibility.

What’s covered by the condominium association’s master policy is determined by the association’s by-laws/articles and other laws. Often the master policy coverage stops at the exterior walls of the building, which means you’re responsible for the interior and your personal possessions. Because rules differ between associations, it is essential to find out from your condo association what the bylaws state you are responsible for. We recommend that the Dwelling A coverage limit on your policy be at least equal to the deductible on your Condominium Associations Master Policy.  Depending on your situation and needs, you may require additional coverage. 

If there is a change to your Association's Master Policy or bylaws that may impact your coverage needs, it's important to have a conversation one of our Associates to review everything.

NOTE: Floods are not covered by a condominiumum owner policy. To protect your property, you need a flood insurance policy.

liability protection

We live in a litigious society where lawsuits are common. What happens if someone slips on a rug or falls down the stairs and breaks multiple bones? Your own condo policy protects you in the event that you’re found responsible for unintentional injuries to another person or damage to property. This protection applies to all family members living in your household and covers you whether the accident occurred on your property or elsewhere. Liability protection covers medical expenses and other compensation awards for injuries, and costs of a liability lawsuit for a covered incident.

determining your needs

Answering these questions can help you determine your insurance needs. A Murphy Insurance associate can help you if you need more details.

  • What parts of the structure exterior or interior are you responsible for according to the bylaws?
  • What would it cost to replace or repair the inside of my home?
  • What could I be assessed for if there is a loss and the association doesn’t have enough funds to pay for damages?
  • Does the condo policy I’m buying include “loss assessment” coverage or do I need a special endorsement?
  • How much will it cost to replace my personal contents?
  • Do I need replacement cost rather than actual cash value coverage protection for my dwelling and contents?
  • Do I need flood insurance?
  • How much protection should I have to cover liability and visitor’s medical expenses if they are injured on my property?
  • Do I have valuable items that could exceed limits in my policy that I should “schedule” such as jewelry, fine art, antiques, electronics or other special items?
  • Do I need extra protection to cover my home business contents and liability for meeting clients at my home?

special discounts

Insurance companies provide discounts in certain qualified situations. Based on the information you share, your trusted associate works to maximize all discounts that you are eligible for. These may include discounts for:

  • Central station fire & burglar alarms.
  • Smoke detectors
  • Home and auto package discounts

NOTE: This information is only a general description of the available coverages and is not a statement of contract. All coverages are subject to all policy provisions and applicable endorsements. Some coverage may be subject to individual insureds meeting underwriting qualifications and to availability within a state. For further information contact a Murphy Insurance Agency Associate.