Condo ownership is different from owning the typical residential home in a number of ways. For example, you are not only the owner of the condo, but also partial owner of “limited common elements.” Condo units are part of a large communities of condos, each with limited elements such as exteriors and framing, roads and walkways, and lawns. Limited common elements in such communities require reliable and cost-effective master condo insurance to protect against liability and loss.
Condo Insurance
Master condo insurance is when you own a condo and are expected to carry homeowner’s insurance in addition to the policy. However, your insurance needs are different since you have unique protection for certain elements. Condo homeowner’s insurance will cover the basics while your master condo insurance will cover other important issues. Such policies come in two different options.
Bare Walls-In
Bare walls-in condo insurance master policies are designed to cover all of your real property from the exterior framing inward. However, this does not include fixtures and installations inside your condo unit. Under this specific insurance policy, your countertops, kitchen, and bathroom fixtures may not be covered. This lack of coverage means you need a greater level of individual homeowner’s insurance in addition to the current policy.
All-In
All-in condo master insurance is designed to create a greater level of coverage for your condo. If you visit your condo to find it has been damaged by a fire, your all-in insurance will cover many of the items and components inside the condo. This insurance covers fixtures, additions to interior surfaces, installations, and much more. Such coverage means you need only the bare minimum of individual homeowner’s insurance to ensure you are protected in all aspects of the property. The time and money you save with this option should help you feel peace of mind when owning your condo. You can visit website to speak with a Dailey Tax & Insurance, Inc. representative. You can also visit them on Facebook for regular updates.
