Does condo insurance cover theft?
The general rule is that your condo insurance is going to cover burglary or theft from your dwelling premises so long as you maintain personal property coverage. Most condo insurance personal property coverage even covers loss of your personal property in a theft involving burglary to your automobile. Read More
Master policies cover risks that all of its members share and have in common.
Condominium units are part of a larger condominium development. They’re titled to the individual condominium owners, and they’re privately owned. Every condominium development has common elements though. They’re owned in common by the collective condominium owners. Those common elements usually consist of roofs, building framing and exteriors, hallways, elevators, sidewalks, roads, parking lots, pools, landscaping and lawns. The individual condominium owners usually carry their own insurance for what they own, and the condominium association carries its own separate coverage for what it collectively owns. That’s what a condominium association’s master policy is. Read More
Your lender will most likely require you to insure your unit, and show proof of coverage at time of closing.
When you own condominium property, you individually own everything inside of the walls of your unit. You share an undivided interest with other condominium owners on anything outside of the walls of your unit. Because of the nature of this dual ownership concept, insurance requirements are different than those for a single family home. Your lender will most likely require you to insure your unit, and show proof of coverage at time of closing. Remember that your condominium association will ordinarily ensure everything outside of your unit.
Condo insurance and homeowners insurance are two very different types of policies.
The general rule is that condominium owners have title to the interior of their individual units in their own names. They share common ownership of anything outside of their units like the roof, exterior walls, hallways, parking lots and green space with their condominium association. That’s why condo insurance and homeowners insurance are two different types of policies. Anything on the interior of your condo premises is your option to insure. Anything else outside of your unit is the condo association’s responsibility. The difference is, if you own a home and not a condo, your homeowners insurance covers both the interior and the exterior of the premises.