A: Insuring a condo/apartment/townhome is different than insuring a single family home.
Like a single family homeowner, you will need a standard policy to cover your personal possessions, structural improvements and living expenses in the case of a covered claim in your policy. This policy will also cover liability in the event of an accident or injury that occurs in your home to a visitor, neighbor or other non-resident.
In addition to the standard policy, you will also need a “master policy” provided by the homeowners association. This policy covers damages and liability to the common, shared areas of your building such as the roof, basement, elevator, boiler and walkways. To ensure adequate coverage, check with your homeowners association for more details about the “master policy” and what type of coverage is provided.
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Last Updated: April 10, 2008 5:25 PM EST
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