CONDO Insurance in Vermont

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.

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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.

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Master policies can be categorized into three groups:

  • Bare Walls-in Policies, which typically covers the floor, ceiling, walls and, in some cases, plumbing and electrical systems
  • Single Entity Policies, which often adds on coverage for standard features (e.g. standard cabinets and countertops) to the coverages included in bare walls-in policies
  • All-in Policies, which usually include coverage for a condo’s walls, standard features, and upgraded items (e.g. high-end hardwood flooring)

Condo owners generally need coverage for whatever their condo association's master policy doesn’t protect. Thus, a condo owner needs a lot more coverage if their association has a bare walls-in master policy than if their association carries an all-in master policy.

Whatever coverage a condo owner needs, they usually don’t have a problem finding it. There are many insurers that offer condominium insurance in Vermont, so condo owners have a wide variety of policies to choose from. In most cases, several policies provide the structural protections that a condo owner needs.

Who in Vermont Should Consider Getting Condominium Insurance?

Anyone who owns a condo in Vermont should likely have condominium insurance for their unit. This, of course, includes permanent residents who have condos they live in year-round. It also includes seasonal residents who only use a condo part of the year, such as skiers and snowboarders who have condos near Killington, VT, Ludlow, VT, and Stowe, VT (among other mountain hot spots).

Often, people who have mortgages on their condos have to obtain a condo policy. The requirement is  typically written into the terms of the mortgage, in order to protect the bank’s investment.

Even condo owners who paid for their unit with cash or have paid off their mortgage, however, can benefit from condo insurance. Without insurance coverage, replacing the contents of a condo or facing a liability lawsuit can be extremely expensive.

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Is Flood Coverage Included with Condominium Insurance?

Most condominium insurance policies don’t provide protection against floods. They may include some coverage for water and sewer backups, but water damage from flooding isn’t normally included. Flood coverage often has to be purchased separately.

How Can Condominium Owners Get Insurance?

Condo owners who want help finding insurance for their unit should contact an independent agent near them. There are agents located throughout Vermont who can assist with selecting coverages and comparing condo insurance policies.

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Offices:

Barre
297 North Main Street
Barre, VT 05641
(802) 476-6631

Bradford 
25 North Main Street
Bradford, VT
(802) 222-5222

Bristol
35 West Street
Bristol, VT 05443
(802) 453-6600

Waitsfield
5197 Main Street, Suite 3
Waitsfield, VT 05673
(802) 496-3118


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This material is for informational purposes only. All statements herein are subject to the provisions, exclusions and conditions of the applicable policy, state and federal laws. For an actual description of coverage, terms and conditions, please refer to the applicable insurance policy or check with your insurance professional. The illustrations, instructions and principles contained in the material are general in scope and, to the best of our knowledge, current at the time of publication.
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