Condo Building Insurance

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Condo building insurance covers common areas and shared structures in condominiums. It protects exterior walls, roofs, elevators, and common spaces. Individual unit owners are responsible for insuring their personal belongings and any improvements within their units separately.

What Coverage Does Condo Building Insurance Provide?

Condo building insurance typically offers several coverages to cater to the specific needs and characteristics of different condo buildings. Here are four different levels of coverage -

Association Master Policy The condo owners association offers insurance coverage for specific areas of the building through an association master policy. Individual condo owners are accountable for obtaining additional insurance for their respective units. While the association master policy typically includes common areas like hallways and elevators, coverage for other areas may vary.
Bare Walls Coverage Bare walls coverage is the most straightforward choice for condo owners. In it, the condo owners' association policy specifically insures each unit's walls, floors, and ceilings. Individual owners are then accountable for all other aspects, including fittings and fixtures.

Modified Single Entity Coverage Modified single entity coverage, also known as all-in coverage, expands its protection to encompass replacement or upgraded fittings. This extension may include coverage for fixtures and appliances; however, it does not cover the unit owner's personal property.
Single Entity Coverage Single entity coverage broadens the condo owners' association's protection to include standard finishes like fitted kitchens and bathroom units, excluding coverage for the unit owner's personal property. It's important to note that if a unit owner replaces any fittings, such as a kitchen counter or carpet, those modifications may no longer be covered by the association master policy.

Enjoy Tailored Insurance Solutions with Paczolt Insurance Alliance

Explore our tailored insurance solutions at Paczolt Insurance Alliance to safeguard the condo buildings that matter most to you. Get started with our personalized coverage for your unique needs. Contact us today for further assistance!