Condominium Insurance

Condominium, or condo, insurance provides several layers of protection for those who own a condo. The policy insures your personal property items at replacement cost (meaning what the item(s) costs at today’s value) as well as provides liability protection for the unforeseen situations where someone gets injured while on your property.

Another feature of condo insurance is that it offers insurance protection for the unit itself, or what we refer to as the “interior structure” or “walls in.” What this means is that you have coverage for your walls, ceilings, floors, cabinets, countertops, etc. What is important to point out is that most condo properties have an HOA that have a “master insurance policy.” This master insurance policy provides coverage for the exterior structure of the condo (ie roof, exterior walls). In some situations, the HOA’s master policy provides coverage for the interior structure of the condo unit itself meaning the client may not need to have interior structure coverage since it would be provided by the master insurance policy. However, some interior dwelling coverage may be needed to account for the master policy’s deductible. In situations like this, it’s important to let Mike Sollie Insurance Advisors, LLC to evaluate your situation and make suggestions to assure you’re covered.