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Condo Insurance Gaps - Is Your Condo Actually Insured?


Chicago ( – Between paying your condo association fees and master condo insurance policy, you may think you are completely covered for any damage or loss that occurs inside your unit. However, many condo owners don’t realize their condo insurance policy doesn’t cover many aspects of their unit they can be left holding the bill when their insurance claims are denied. It’s important to understand the gaps in your condo insurance coverage and plan accordingly.

A recent article on talks about people falsely assuming the master condo insurance policy covers the contents of their unit and modifications to the unit. The article goes on, “Property that is usually excluded by the masters insurance policy and condo association dues—and which you need to get included in a proper condo insurance policy include […] furniture (sofas, dining set, rugs, drapes), electronics (TV, computer), any structural improvements you and all previous unit owners have made …”

It’s important to understand that things like interior walls, appliances, cabinetry, clothing, electronics, jewelry, antiques, flooring, and other miscellaneous items inside your condo are NOT covered by the building’s master condo insurance policy.

Far too many condo owners fail to buy a condo insurance policy to cover their unit and end up filing claims that are denied by the insurance company because they do not involve the structure of the building itself, but rather the structure/contents of a single unit which is not covered under the building’s master policy. It’s important that any policy you consider has replacement cost coverage in it, otherwise you may find you payment on a claim ends up being significantly lower than the actual value of the damaged or stolen piece of property. Beyond a basic condo insurance policy the article says its important to consider flood insurance as well if you area is prone to floods.

Lastly the article says, “If you are confident in your policy, however, and are just looking to save some money on your premium, you may want to compare some condo insurance quotes…” Its important to comparison shop for condo insurance quotes. Using a site like you can compare up to five different quotes from competing companies and choose the condo insurance policy that is best for you.


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