Condominium Insurance

A Condominium or Unit-owners policy is similar to a Homeowners policy in that it is a package policy which includes property insurance that covers your condominium, the contents inside your home, and loss of use. The policy also has a liability portion that provides coverage for unintentional acts by you or your family that cause bodily injury. The policy typically provides “all risk” (admittedly a misnomer) coverage on the home. In reality, some risks are excluded, such as earthquake and flood. The policy also does not cover land.

The main difference between a condominium and a house is, with a condominium, you don’t own and insure the exterior of your condo, so your cost is often less. The ownership deed for a condominium, usually called the “condominium declaration” or the “master deed,” lets you know the exact provisions of ownership and rights of occupancy of all the unit owners. It usually contains a section relating to insurance requirements. Sometimes this is found in the condominium association bylaws.

If you own a townhouse, you may need to purchase a Homeowner policy. This is determined by whether you own the exterior walls to your unit. It can be confusing trying to determine which policy suits your needs, so contact your homeowners association, and talk with your Bankers agent.

Deductibles

A deductible is the amount of out-of-pocket expense you must pay for damages before the insurance coverage begins.

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Understanding Your Risks and Coverages

Before you purchase a policy, it is important that you understand the risks you face so you can make the best choice to get the right policy at the right price. When you think about it, the first risk you should consider is actually two‐pronged: the risk of buying too little coverage, or too much. With that risk in mind, you can better identify the other risks you face, and how much coverage you need in relation to those risks.

Bankers Helps You Prepare for the Risks You May Face

Simply put, risk management is the process of first identifying the risks you face as a condominium owner and second, figuring out ways to minimize – or manage – them. There are nine major risks that face condo owners and some or all may apply to you, depending on where you live:

To learn how to protect yourself and your family from these risks visit Insurance 101.

Primary Coverages

For many of us, our home is the most valuable single asset we own. Therefore, protecting it and our families with the proper insurance is critical.

• The property portion of a typical condominium policy covers damages to the condominium and the owner’s belongings, and expenses you may incur due to the loss of use of your condo at the time of a covered loss. 

• The policy also has a liability portion that provides bodily injury coverage for acts unintentionally caused by you or your family.

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Additional Coverages

You may want to take a moment to review our additional coverages that allow you to customize your policy to fit your individual needs. Click the “Learn More” button for details. Not all coverages are available in all states. Please consult with your local agent for availability.

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Increasing Your Coverage Limits

Some policy limits can be increased to better suit your individual needs. These increased individual limits will still fall within your total coverage amount, but the amount you receive per item can be increased with this coverage.

Living in a CAT State

Those of us who live in a “CAT State” – a catastrophe-prone state – know that being prepared is key. This includes having the right insurance coverage. That said, one of the most important considerations in selecting an insurance company – especially if you live in coastal states – is catastrophe experience. Bankers has weathered an impressive 25+ catastrophes and offers exceptional customer service and claims response time. You don’t want to think it can happen to you, but, in the event of an emergency, you want an insurance company that knows precisely how to meet your needs.

Remember, you can buy Earthquake and Flood Insurance separately. These two important risks are not covered in your basic condominium policy.

Ready to Speak to an Agent?

Insurance is complex and you need professional advice you can trust. We partner with top-quality independent agents who can help guide you through the purchasing process. There are many things you should be asking your agent prior to purchasing insurance for your home or business. Below, we’ve listed a few questions you might not have considered.

First, be prepared before you visit your agent. Do an inventory of your home or business. You may be surprised how much you really have. Visit www.knowyourstuff.org.*

Find an agent today.

Below are a few of the types of questions your agent can answer:

• Does my lender require flood insurance? Am I in a special flood hazard zone? (Everyone is in a flood zone!)
• How much flood coverage do I need?
• What is Umbrella Insurance and is it just for the wealthy?
• Do I need special coverage for an in-home office?
• I collect antiques and jewelry. How do I get this covered?
• Do I need employment practices liability lnsurance and what does it cover?
• Is my company required to maintain workers compensation coverage?
• What will happen if I cannot operate my business?
• I conduct business out of state. Is my electronic information protected?
• What is identity theft and is there a way to protect myself from it?

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