If you are purchasing a condominium, you may not know that you should buy condominium insurance. Condominium communities usually have a master insurance policy, but the coverage is actually limited. It is very important for you to understand what master insurance actually covers and the additional benefits of personal PA condo insurance policies. This article covers deciding if you need condominium insurance in PA.
What Is Master Insurance and What It Includes
Master insurance policies for condominiums commonly protect the framing and shared spaces (i.e. hallways, stairways, and the roof). It may not protect dedicated items such as heating and central air, appliances, cabinets, etc. Most importantly, it will not insure personal assets such as furniture, televisions, and clothes. Policies vary, so you should ask for a copy of the policy for your condominium development and understand what it does and does not include.
Additional Benefits of Individual Condo Insurance Policies
MA personal condominium insurance does not cover the structure of the building, since that is included in the master policy, but is otherwise like typical homeowners insurance policies. It normally insures against burglary, fire, windstorm or hail, vandalism, debris, and impact from automobiles or planes. It can also include personal liability coverage for accidents where people become hurt in your property or if you damage someone else's property. A minimal value is normally incorporated for personal assets. More coverage can be added for jewelry, equipment, collectible items, and specific improvements (such as a gourmet kitchens or appliances).
Average Premiums and How to Start
In most cases, PA condominium insurance policies are significantly less than typical homeowners insurance. You should ask your insurance agent for guidance on how much coverage to obtain. Your agent will ask about the size and amenities of your condominium and what you have for personal assets. He/she may request a copy of your master insurance policy to confirm what is included. Going through this important step will verify that you have sufficient coverage to meet your circumstances.