Skip to content Accessibility info

The Russell Agency, LLC Blog

All You Ever Wanted to Know About Insurance

Your Condo Lets You Avoid Many Homeownership Hassles – But You Still Need Insurance

A lot of condo owners assume that their association takes care of insurance, in addition to maintenance. But that's not entirely true, especially when it comes to your belongings and other items within your unit.

What does your condo association cover?

Condominium associations are usually responsible for insurance and upkeep when it comes to building exteriors and the communal amenities. Your association probably insures the interior of the building as well, up to and including the walls of your unit.

But what about things inside or attached to those walls? Well, it’s your responsibly to protect those:

  • Your association probably has “bare walls” coverage, which leaves unit owners like you responsible for all property and fixtures in the individual unit.
  • “As built” coverage makes it the owner’s responsibility to insure any upgrades or additions made to the original dwelling.

We can review – and explain – your current coverage

Our team can review your association’s policy and explain, in plain English, what you’re covered for and where you might have gaps.

We can even provide an annual review to confirm that your association has not changed or reduced in coverage, which saves you from additional risk.

Our condo owners policies can help ensure you have all the coverage you need, on top of what your association already provides.

What’s covered by most condo owners policies

  • Personal property damaged by storms, accidental damage, theft or loss 
  • Alternative lodging and required transportation if your condo becomes uninhabitable due to a covered event
  • Liability protection if you are held financially responsible for loss or damage to other people’s possessions, or the costs associated with someone else’s injury

What's not covered by most condo owners policies

  • Standard maintenance
  • Wear and tear and associated damage
  • Effects of termites, insects, birds or rodents
  • Rust, rot or mold
  • Liability due to malicious, dishonest, criminal or illegal acts

Upgrade your protection options (by optional endorsement)

  • Vacant condo coverage for damages that occur in a unit left vacant 30 consecutive days or more (time is specific to each policy)
  • Flood
  • Earthquake
  • Sewer/septic backup and sump pump backup
  • Specialized hobby items, fine art or other high-end collections
  • Home office and from-the-home business
  • Credit theft protection and monitoring
  • Loss assessment coverage (This helps protect you if a catastrophe occurs that exceeds the association’s limits.)

What we offer

  • Customizable coverages, limits and deductibles
  • Experience with the unique needs of condo owners who must coordinate insurance with condo association coverage 
  • Responsive, friendly claims professionals
  • Easy claims reporting process and communication with your HOA

Give us a ring

Reply to this email or give us a call to learn more about covering the current gaps in your coverage, so you can enjoy your condo worry-free.