Condo Insurance in Vermont
Condo ownership is becoming an increasingly popular option in Vermont and due to the unique nature of a condo, you should obtain specialized condo insurance.Condo ownership is an excellent alternative to home ownership for many Vermont residents. However, both situations require insurance to protect your financial investment in your home. There are many similarities between a condo insurance policy and a homeowners insurance policy. Both policies should help cover:
Personal Property – If your personal belongings, including electronics, clothing, and furniture, are damaged or stolen, you may be reimbursed for their replacement costs, up to your policy limit.
Liability – If someone is injured on the premises or damage is done to their personal property due to you, your family member, or your pet, liability coverage may help pay for their medical expenses, damages, and any resulting lawsuits.
Loss of Use / Additional Living Costs – If your home is rendered unusable due to a covered peril, hotel, food, and other expenses may be paid for while repairs are made.
The main difference between the two policies is the coverage for the dwelling. This important distinction makes it important to purchase a condo policy from an agent experienced in the unique needs of a condo owner.
Dwelling Insurance and the Master Policy
To have comprehensive condo insurance, you need to understand the condo association’s master insurance policy. In Vermont, the condo association will hold a master policy, which will cover common areas and some portions of the dwelling structure, both for property damage and liability. Ideally, your Vermont condo policy will mesh with your condo association master policy, leaving no dangerous coverage gaps and without expensive overlaps.
Commonly, master insurance will cover the exterior walls of the structure, leaving all interior coverage to your personal insurance policy. Other situations include insuring the dwelling as originally built, including built-in cabinetry and fixtures, or insuring the bare walls, floors, and ceilings. Whatever is not covered by the association’s master policy will need to be covered by your condo insurance.
Let Us Sort Through it For You
Condo policies can be confusing if you’ve never dealt with them before. At T.S. Peck Insurance, we can help you understand your association’s master policy and your personal insurance responsibility. We are committed to developing a condo policy to provide full coverage for your condo and property. Because we are independent agents, we can offer you quotes from a variety of companies, helping you to balance your insurance needs with your budget. Every condo is unique, so please contact us to discuss your specific situation.