Condo, Townhouse & Renters Insurance

Basics to Condo & Townhouse Insurance

Condo & Townhouse insurance is required to insure your personal property and any parts of your unit that aren't covered by your condo & townhouse association's insurance policy. Your association could have one of three policies: a policy that insures only the primary building and common areas; a policy that insures your building and any items in your unit other than personal property; a policy that insures the building, your unit, and any fixtures or improvements you make to your unit.

By getting the right condo & townhouse owners insurance policy, you'll have more peace of mind knowing that you'll be protected if a loss occurs.

Condo & Townhouse Owners Master Policy -  A condo & townhouse owners master policy can insure all the building and common elements under a single package policy.

A condo & townhouse owner’s master policy typically provides coverage in one of three ways:

• Insures the basic building(s) (walls, roof, floors, elevators) but leaves you the responsibility of insuring appliances, carpeting, cabinets, wall coverings, and other items in your unit, and in some instances the interior walls.

• Insures both the basic building(s) and the items within your unit other than personal property. 

• Insures both basic building(s) and includes unit owner fixtures and improvements.

When the condo & townhouse association insures the structure, a condo unit master policy is normally written to cover:

• Items not covered by the condo & townhouse owners master policy that may be your insurance responsibility.

• The value of building additions or alterations made by you, at your expense.

• Value enhancements (For example, if carpet is upgraded to quality that is better than the original, the difference would be covered in the event of loss).

• Damage to your unit not compensated because of the master policy deductible.

Building coverage is one of the more complex parts of insuring an association. You should discuss your needs fully with someone from All in One Insurance Group, your local Independent Insurance Agency.

In some instances, the condo owner’s master policy does not insure the structure. In this situation, a homeowner's policy would be written for the unit owner, just as it would be for an insured person with a conventional home.

Remember, however, that conditions in condo & townhouse association bylaws and other governing regulations may vary widely. Be certain that your policy covers any potential gaps in the condo owner’s master policy.

Your Personal Property Coverage - Because you have a large investment in your personal property, you need enough coverage to compensate you if you suffer a covered loss.

Your condo & townhouse unit master policy will protect your personal property against loss or damage from a number of specified causes, such as:

• Fire or lightning

• Weight of ice, snow or sleet 

• Windstorm or hail 

•  Theft 

• Accidental discharge or overflow of water 

• Explosion 

• Riot or civil commotion 

• Accidental eruption of hot water heating system 

• Aircraft 

• Vehicle damage 

• Freezing

• Smoke damage

• Artificially generated electrical current 

• Vandalism or malicious mischief 

• Falling objects

Your personal property is covered against these kinds of losses at your residence and any location worldwide, subject to some restrictions. For example, theft from another residence you own that you are not currently residing at is not covered.

Guests' property would be covered within your unit.

Most basic coverage for the property does not include flood or earthquake insurance coverage.

To protect your condo unit against these possibly other unspecified losses, you need special coverage.

Deductibles Your policy will include a deductible - the amount of a covered loss for which you are responsible.

With a $500 deductible, for example, $500 is the portion of a covered loss for which you are responsible. Higher deductibles such as $1,000 or more are also available.

By increasing your deductible, you can lower your premium, but you also increase the amount of a covered loss for which you are responsible. When choosing a deductible, you must decide how much of a covered loss you would be willing and able to bear to save premium.

Be certain you have adequate coverage.  

Call us today or get an online condo insurance quote.


All in One Insurance Group
(425) 337-2456 
(800) 742-1896
allinone.insurance.group@live.com