Own a condo? Do YOU have condo insurance?

Managing Real Estate Broker with Full Circle Property Management

Recently a condo owner returned from a week away to find that his condo was flooded, and their ceilings fell in, and lots of personal belongings were ruined. Why you wonder? Well his neighbor, who was no longer living in his unit, had an upstairs supply line to his toilet break and flood both units. Over $75,000 in damage to both units.

So my question to you is this: Do you have your condo interior and belongings insured?

Condos- in accordance with their bylaws-have insurance on the structure but the rub is always what is covered. Most insurance coverage will rebuild the structure back to the drywall and subfloor, and not cover flooring, painting, or any personal items like appliances, furniture, clothing, etc. Some condo insurance will build the condo back to the way the builder built it and sold it, but that will not cover your upgrades, ie. Your finished basement, tile or hardwood floors, or upgraded countertops, cabinets, and appliances. And in almost every case the insurance deductible is $5000 or more, and that is your expense many times.

The answer is not what kind of insurance your condo has, but what insurance YOU have. Does your condo owners insurance cover the deductible? Upgrades? Improvements? Living expenses for the hotel? Cars parked in your garage? Jewelry? All your fancy TV’s? If you rent your unit do you have appropriate landlord coverage or will your policy cover zero since you don’t live there? Do you have coverage for water backup from storms? Mold? Do you even have a condo owner policy and not a home owner policy?

Take a moment this week and review your coverage of your condo owner insurance and if you don’t have it, get it right away. It’s not your condo association coverage, as they have that, it’s what is your personal coverage.


Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Gabe Sanders 03/10/2017 11:45 PM
Real Estate General Information
Property Management
condo management
property management ohio

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtors, Philly Main Line

Very important post explaining the importance of having the correct insurance for your condo.

Feb 11, 2017 12:16 PM #1
Dennis Swartz
Full Circle Property Management - Columbus, OH
MBA, GRI...experience counts!

Thank you...many do not have it.

Feb 12, 2017 05:07 AM #2
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Such a great message, so in-expensive yet people opt to not get it Dennis Swartz 

Feb 12, 2017 05:43 AM #3
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

And condo insurance is so much more affordable than owning a house. Good advice!

Feb 12, 2017 06:46 AM #4
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Dennis, in Denver the lender requires this now if the buyer requires a mortgage.  Too many things can go wrong with the other units in the building! 

Feb 13, 2017 07:50 AM #5
Maureen Bray Portland OR Home Stager ~ Room Solutions Staging
Room Solutions Staging, Portland OR - Portland, OR
"Staging that Sells Portland Homes"

Years ago I owned a 3-story condo and after returning from a long weekend away, discovered that there was a slow roof leak that had been leaking into the walls for months.  The repairs cost $20,000 (the condo insurance paid ZERO) but my own insurance covered all the repairs, less my $1,000 deductible.  It was well worth having!

Feb 13, 2017 10:25 AM #6
Teri Pacitto
Compass - Westlake Village, CA
Real Estate, Your Style...Your Home...My Specialty

For townhomes and condominiums it is wise to have what is known as walls in insurance and often required as a condition of obtaining a mortgage.  I've never understood why anyone would sacrifice paying for insurance on a home, car or anything of value.  It's just not worth risking your assets. 


Feb 13, 2017 11:37 AM #7
Patricia Feager, MBA, CRS, GRI,MRP
Selling Homes Changing Lives

Congratulations on your featured story! It raises awareness! It's very important to have insurance and the right type of insurance. Reviewing the policy is something one should do frequently.

Feb 13, 2017 10:05 PM #8
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Dennis Swartz - I have seen many condo owners trying to save a bit - and when things go wrong, they realize, they were penny wise and pound foolish.

Condo insurance with a proper coverage is really very important.

Feb 13, 2017 11:03 PM #9
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

Condo Insurance and rental insurance are very ffordable and very important... can save the condo owner or tenant a lot of heartache!

Feb 14, 2017 01:03 AM #10
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Dennis -- it's good to see a gold star on your well-written post -- it's an important read for any condo owner.  As others have commented, it's a lender requirement for those obtaining a mortgage.   

Feb 15, 2017 03:42 AM #11
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Dennis- the investment in insurance is so important for a condo owner!  It only takes one incident that could become a financial burden for an owner. 

Feb 19, 2017 05:18 PM #12
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Congratulations on the featured post. I hope condo owners will read it and learn from it 

Feb 20, 2017 03:13 AM #13
Lauren Selinsky Broker CRS
California Coastal Estates - Aliso Viejo, CA
"Your Real Estate Broker" #oclauren

It's the item you want paid along with auto insurance. No brainer. Good to remind all. Get that condo and/or house insurance. 

Feb 24, 2017 04:19 PM #14
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Dennis.  Excellent information for all condo owners.  They should all have insurance.

Feb 27, 2017 05:28 AM #15
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Well that would really be a bad scene!  Better call an insurance provider quickly!

Feb 27, 2017 07:11 PM #16
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Dennis Swartz

MBA, GRI...experience counts!
Ask me a question
Spam prevention