If you own a condominium or townhouse unit you have both common and personal insurance needs. Typically, your association has a master policy that insures all of the property and common areas that are collectively owned by the unit owners.
A Condominium Unit Owner Insurance policy is designed specifically to meet your unique homeowner needs:
BUILDING COVERAGE - This coverage allows you to cover any upgrades, additions or alterations to your unit that were not conveyed to the Association when the condominium was built. Even if a prior owner made these upgrades to the unit, you must insure them on your unit owner's policy.
CONTENTS COVERAGE - You can protect your furnishings, electronics, decorations and other personal property. Replacement Cost coverage is available to eliminate depreciation at the time of loss.
LIABILITY COVERAGE - The Master policy will provide liability coverage to protect the Association and you as a member of the Association should a liability claim arise out of a common element. Liability coverage is still required to protect you should the injury or property damage occur in or originate from your unit. If you are renting your unit, a special endorsement is required to extend this coverage to your renters.
LOSS ASSESSMENT - This coverage indemnifies you should the members of the Association be assessed a fee to cover an expense that would have been covered under the master insurance policy but the limit was insufficient.
LOSS OF USE or RENTAL INCOME - If your unit is uninhabitable due to a covered loss, this coverage will cover the expense to rent another unit of like kind and quality. If you are renting your own unit, this coverage will indemnify you for the lost rental income until the unit can be rented again.
MASTER POLICY DEDUCTIBLE ASSESSMENT - Maryland law allows the Association to recover up to $5,000 of the master policy insurance deductible from the owner of the unit where the loss or damage originates. This can be covered under your HO-6 policy.
In the unfortunate event of a claim, our RESOLVE claims process and experienced claims specialists will work with you to coordinate your coverage with that of the association master policy throughout the restoration process.
As a condominium owner, you have many benefits but you are also exposed to unique risks. Unlike a single-family homeowner, you have a number of policies in force between your personal insurance and the community insurance. We will help you review your policies and fill the gaps to make sure all of your insurance needs are met. Maryland and Delaware have different requirements for condominium insurance policies and our specialists are prepared to tailor a policy to the needs of your specific property.
Worried about costs. Don't be - condo insurance can be very affordable.
Atlantic/Smith, Cropper & Deeley can provide you an insurance quote within one business day of your request. Contact us at 410-835-2000 or fill in your zip code and click the Find Quotes Button.