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While a condominium is a great way to own a property and keep costs down.  From an insurance perspective I find that the ownership frequently come with some misconceptions.  One of the largest is the coverage from the Master Policy.

 While the master policy satisfies the lenders needs.  It rarely covers the owner of the unit.  In fact (and while each policy does differ), it typically will only cover the structure of the condo itself, and not include things like cabinets, shelving, etc.  Most importantly, it also does not cover an owner from a liability stand point.  That is why it is important to have your own condo policy. 

A condo policy is similar to a renter's policy in cost.  Typically very inexpensive.  However, you can add coverage for the dwelling (your portion of the structure), as well as, your personal articles, and liability coverage for you.  This last piece is important because if anything happens to the building or neighbors as a result of an accident that you caused, it does come back to you. 

To learn more about affordable condominium insurance in Minnesota please contact the Garsys Agency at 866-432-4753.
Posted 10:32 AM  View Comments

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