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Condominium Owner Alert
"Alan, I already have a Master Policy--all I have to do is insure my personal contents."
A condo is not just an apartment. You own the fixtures, the wall-to-wall carpets, you may own the walls or the ceiling. It's important to cover these realty items as well as your personal possessions.
Your condo's Master Policy (paid out of your condo fee) covers you for property owned in common and liability exposure to common ownership. What the condominium documents don't cover tells you where your insurable interest begins and ends.
The condominium Master Policy defines boundaries of ownership by drawing a vertical and a horizontal plane. Depending on where your particular plan draws those lines, your ownership may or may not include your walls, the finished flooring, or the ceiling. (Insurers call this "paint in or paint out.")
Your insurance should also include "betterments and improvements." If you remodel your condo kitchen, put in wall-to-wall carpeting, or replace a fixture such as a sink, those aren't generally covered by your Master Policy either.
Return to the homeowner's insurance page.
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