The Facts About Condo Insurance

In the state of Maryland, condominium associations can require that all owners have homeowners' insurance. And while this may be the law, it also makes perfect sense. Anyone that owns a condominium should consider it one of their major assets, and as with all major assets, it needs to be protected.

If you own a condo, you will want to speak with an insurance agent as soon as possible if you don't already have coverage. If you do you have coverage but it's been awhile since your policy has been reviewed, speaking with an agent can be beneficial, too. And if you think that your condo is safe from burglary, you should think again. Even with state-of-the-art security systems found throughout Pennsylvania, Maryland, New York, New Jersey, Virginia, Washington DC and Delaware, more than 5 out of every 1,000 homes gets burglarized each year.

There are many factors that will affect the exact amount of coverage that you need, including square footage, amenities such as fireplaces, the layout of your condo, and more. It's imperative that you understand that your condo's master policy doesn't cover the interior of your unit. While roof repairs and lawn maintenance expenses may be covered under your master policy, the inside of your unit needs to be protected by your own policy.

There are also bi-laws in your master policy that can influence the exact type of condo insurance that you need. It is pertinent that you allow an experienced attorney read through these bi-laws. You may find that your current policy is providing too little or too much coverage. To learn more about your policy limits and the coverage that it provides, contact us today at Watlington & Cooper Insurance.