Condo Insurance

Maryland Condo Insurance: Partner with us to get the coverage you need.

If you own a condo, you have different insurance needs than the typical homeowner. Not only do you own your individual condo, but you also share ownership in the common areas and overall structure of your building. If shared areas need upkeep and maintenance, your association will typically handle the expense through their insurance package. Although your association dues help pay for upkeep of the common areas, they do not typically cover your personal property within your own unit, or your liability if someone is injured in your unit.

What Does Condo Insurance Cover?

Condo insurance typically covers the interior of a condo unit, personal belongings, liability protection, loss of use, and some building elements.

Here are some features on what is generally covered by condo insurance:

• Interior of the condo unit: In many states condo insurance covers damage to the walls, ceilings, floors, and fixtures within your unit caused by events such as fire, theft, or water damage. In Maryland, your policies overs “improvements and betterments.”
• Personal belongings: Condo insurance provides coverage for your personal property, such as furniture, electronics, and clothing. If your belongings are stolen or damaged, your insurance policy can help pay for the cost of replacement.
• Liability protection: Condo insurance provides liability coverage for accidents that occur within your unit. This coverage can help pay for legal fees, medical expenses, and damages if you are found responsible for injuring someone or damaging their property.
• Loss of use: If your condo becomes uninhabitable due to damage, your condo insurance policy can help cover the cost of alternative accommodations, such as a hotel, while repairs are being made.
• Loss Assessment: Loss assessment coverage provides much-needed protection in instances where owners of a shared property are held responsible for a significant portion of the costs associated with a covered incident. To put it simply, loss assessment coverage provides condo owners with peace of mind, knowing that they will not be financially burdened with unforeseen costs that exceed their share of responsibility. By obtaining this coverage, condo owners can protect their financial wellbeing and ensure that they are adequately covered in the event of an incident that affects shared property.

We are PARTNERS FOR YOUR PROTECTION®, and we want to customize your policy, so you have no gaps in your coverage.