Great Condo Insurance at Great Rates. Get it Here!
Buying a new condominium unit? Looking to switch your condo insurance?
Either way, you have come to the right place. We are an Independent Insurance agency and represent several companies, so we are able to find you great home insurance at great rates
Condo Insurance (for MD, VA, PA, DE, DC & WV)
Confused about your Condo Insurance?
In April 2011, there was a huge three-alarm fire at the Cromwell Fountain Condominium Community in Glen Burnie Maryland. The fire was devastating for several unit owners. How were they going to replace their belongings? Who was going to pay for the rebuilding of their condo units? Where will they stay while the condominium is being rebuilt and who will pay for their additional living expenses during this time?
These are all valid questions. At Huff Insurance, we’ll provide you with the answers before a disaster strikes.
We sincerely hope you never face a tragedy like this. However, we want to ensure that if you do, you’re fully protected. We’ll be here to guide you through it and make sure all your questions are answered.
What makes Condo Insurance Different From Home Insurance?
As a Maryland condominium owner, you have many benefits, but you are also exposed to unique risks. Unlike a single-family homeowner, you have a number of policies in force. Between your personal condo insurance policy and the community’s or association’s master insurance policy. You need to make sure that this insurance overlaps so as not to let risk seep through the seams.
Your condo is in a communal setting but your condominium insurance needs to be individual. Or you may be paying too much and you probably have great liability risk.
Come insurance brokers may try to sell your their “standard” condo insurance policy. A policy that they will tell you has the standard limits that you need.
If that agent does not ask you what you are responsible to insure under the master condo policy declarations, then they are doing you a great disservice.
Depending on the following definitions, their “standard” policy could have you over paying or even worse, under covered in the event of a loss.
The following information is needed to properly determine your condo insurance coverage levels:
What type of property are you responsible to insure in the master declarations?
There are four definitions that apply to property for a condo. They are:
- Common Elements: Property owned by and/or benefiting ALL members of the association
- Limited Common Elements: Property elements beneficial to more than one, but less than all unit owners
- Unit Property: Property elements that benefit none but the unit owner
- Unit Improvements and betterments: Alterations or changes to the real property defined as unit property that increases the value of that property within an individual unit
What is your level of insurance responsibility as defined in the master condo declarations?
You will be responsible for some part of the interior of your unit. This may include cabinets, appliances, and light fixtures—or everything inside your home.
The level of your responsibility will be determined by the condo association and what is in their by laws what is covered by their master condo insurance policy. So the amount of the “building coverage” or “coverage A” will be affected by the insurance responsibility clause in the condo master insurance declarations.
Insurance responsibility can be defined in one of three ways in the condo master declarations:
1.“All in” or All Inclusive”: When the association specifies this type of coverage, the association is responsible for all 4 types of real property. The unit owner only has to insure their personal property. Standard HO6 usually has $1,000 automatic building coverage which would be sufficient for All In.
2.“Bare Walls”: Opposite of All in. The association is only responsible for insuring the common elements and limited common elements. Unit owner is responsible for unit property and any unit betterments and improvements. The standard building coverage would not be enough for the unit owner.
3.“Original Specifications”: This is the middle ground between the two above. The association is responsible for the common elements, limited common elements and “original” unit property (what the builder put in at time of construction). The unit owner is responsible for unit betterments and improvements (upgrades to counters, cabinets, fixtures, etc.) or any additions to the unit (enclosed porch). Again, the automatic building coverage will not likely be enough for this type.
Worried about the cost of condo insurance?
Don’t be. Maryland condo insurance can be very affordable. Especially if you bundle it with your car insurance. The multi-policy discount will save you money on both policies!
Huff insurance, your Trusted Choice Insurance Agency in Pasadena, has been protecting Maryland condominium owners since 1960. Our condominium insurance experts are ready to help you understand your coverages and make sure you are protected as much as possible should a disaster strike.
Here are two reasons to act now!
- It is important for your protection to have your condominium insurance in place before any claims are made–not just from you but also from anyone else on the condominium property.
- Huff Insurance in Pasadena Maryland can provide you with a no-risk quote within a day. Just fill out the short form above to the right coverage at the right price to protect you and your condo.
