What is Condo Insurance?
Vermont residents who own condominiums generally must insure their condos themselves. Common areas of a condominium complex may be covered under a condo association’s master policy, but these policies often don’t provide full coverage for individual condo units. Thus, condominium owners frequently need to purchase their own condo insurance.
Condo policies are similar to homeowners policies, except they’re written for condominiums rather than single-family houses. Since condo’s structures are often covered under condo association master policies, many condo policies don’t provide as much structural coverage as homeowners policies typically do. Condo owners can get the structural protections they need through condo policies, though, and condo insurance policies still often include personal property and liability coverages.
How Much Structural Protection Do Condominium Policies Provide?
The amount of protection that condominium policies offer for condominiums’ structures varies significantly because the amount of coverage that condo owners need varies quite a lot. How much coverage condo owners need for their units depends on what’s covered by their condo association’s master policy.