Gaudreau Fountain Insurance Agency, Inc.

Condo Owners Insurance

Many people mistakenly assume they do not need coverage for their condominium because their condo association has a Master Insurance Policy that covers all property. Generally, this policy only covers common property and the structure in which you live, but it does not cover the contents and your personal property.

Your coverage needs will vary based on exactly what your condominium development's policy does and doesn't cover. Generally, there are two broad areas of coverage that you will need:

  • Your home's contents and possessions
  • Liability for bodily injuries or property damage that occurs in your home

Your condo policies have many other benefits, such as payment for a temporary place to live should your home become uninhabitable and coverage for possessions in your car or while you travel. There may be some optional areas of coverage that you want to discuss with us, such as additional coverage for expensive items such as fur, jewelry or antiques.

Your premium price will also vary based on how much coverage you need and your deductible. Essentially, a deductible is the amount you are willing to assume out of pocket for any losses before your coverage kicks in.

Home inventory

It's a good idea to keep an inventory of the personal possessions in your condo and to keep multiple copies. If your condo were destroyed by fire or storms, an up-to-date inventory can help you get your claim settled faster. Take a room-by-room inventory, save receipts for expensive items, and note serial numbers on appliances and electronics.