Dave Haman

Jun 02 2017

Insurance Spotlight: Residents Need Condo Insurance


If you live in a condominium, your condo association or building owner likely insures a portion of the structure with what’s often called a “master policy.” However, the coverage provided under such policies usually doesn’t extend to fully pay for damage within your unit.

For example, many master policies cover damage only to common areas, such as the roof, elevators, and walkways, and just some of the interior of the unit, such as the walls. That means the remaining property damage is the responsibility of individual unit owners. Items that may not be covered by the master policy include:

  • Floor coverings such as carpet and tile
  • Electrical fixtures
  • Appliances
  • Cabinetry and counter-tops
  • Upgraded items

Additionally, master policies do not cover damage to personal property owned by the unit owner or liability claims brought against a resident. To gain coverage for personal property and liability claims, you need a homeowners policy designed for condominium owners.

It’s important to note that state laws vary on how master policies and individual unit-owner policies apply in a loss situation. To best understand how a unit-owner policy works, call Hills Insurance Agency today!

Reprinted by permission, The Mines Press, Inc. Volume 45, Issue 2. Insurance products are not a deposit, not FDIC insured, not insured by any government agency, carry no bank guarantee, and may go down in value.
Dave Haman

About Dave Haman

Dave Haman is a Vice President, Insurance Agency Manager at Hills Bank’s Iowa City Gilbert Street location. He has been at Hills Bank since 1994 helping customers with their insurance needs. Dave can be reached at dave_haman@hillsbank.com.

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