eastern insurors

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Midland Park, East Rutherford, Ridgewood, & Ramsey Condominium Townhouse Insurance

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There are many insurance policies available for condominium and townhouse unit owners. Condo and townhouse insurance is different from home insurance in that it usually doesn’t protect the structure or building. Typically, your association is the one responsible for insuring the building. However, that insurance policy generally never protects a unit owner from other property losses and personal liability. Condo/townhouse insurance is made specifically to protect unit owners from these risks. In most instances, your association’s master insurance coverage stops inside the exterior walls, meaning that you’re responsible for the interior walls and possibly for fixtures, as well as your personal property and liability exposures. This is where your own personal policy would come in. Following is a partial checklist of the top questions to consider when choosing an insurance policy to protect you and your unit:
  • What are your ownership and insurance responsibilities in the condo/townhouse association’s master deed (the insurance requirements the association expects from you)?
  • Does the policy you are considering include broad water damage coverage for problems such as sewer and drain backups?
  • Does your association provide comprehensive or blanket coverage to protect you against other unit owners who may not have adequate coverage?
  • Do you have expensive personal items, such as jewelry or furs, that you may need additional personal property coverage for?
  • Do you currently have coverage in case there’s an uninsured loss at your association and you have to pay a proportional share of the repairs, even if the damage is not in your unit or to a common area?
Eastern Insurors performs a specialized review, just for condos and townhouses, to make sure that we do a thorough job of uncovering all of the exposures so you are protected properly.
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