Condo insurance helps you to protect you and your family against financial loss in the event that a covered peril causes damage to your condo and/or personal property. It also covers payments you are obligated to make when you are liable for damage to another person’s property or bodily injury.
WHY CARRY CONDO INSURANCE?
Your mortgage company requires you to. If you don’t have a mortgage, you might want to carry coverage in the event that your condominium is damaged or destroyed or if someone gets hurt on your property.
WHAT LIMITS AND DEDUCTIBLES OF CONDOMINIUM INSURANCE SHOULD I CARRY?
Everyone’s individual situation is different and, therefore, insurance coverage recommendations will vary. While most Connecticut condominium associations’ master policies, thanks to 2010-R-0378, cover each individual unit, including betterments and improvements, some do not. So ask your association what carrier and agency write the master policy and find out whether it’s “ALL IN” or if they’ve opted out of covering the individual units.
Regardless, the master policy does not provide coverage for your contents or protect you from a liability claim.
Contact Olde Liberty Insurance today for a comprehensive insurance review and a no-obligation, customized quote from some of the most reputable carriers in the state of Connecticut.