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Condominium Insurance

While the Condominium Corporation most likely insures the building, your contents, building improvements, and living expenses need to be insured.

Condominium Insurance provides protection for the following:

  1. Personal Property - Your personal belongings within the home such as furniture, appliances, electronics and clothes.

  2. Upgrades or improvements made to the condominium unit such as cabinets, lighting, flooring, countertops or appliances.

  3. Your living expenses in case you cannot live in your home while it is being rebuilt or repaired.

  4. Liability insurance for if someone gets injured on your property and you may be liable, or if you accidentally cause damage to other people's property.

  5. Loss Assessments - If the condominium corporation's policy does not cover the total damage to common areas, this would cover your share of the cost.  It can also respond if there is a lawsuit against the condominium corporation and there are insufficient funds in the condominium corporations account.

  6. If you have a "Bare Land" Condominium, a condominium insurance policy would insure the building itself.

Optional Coverages Available:
  • Sewer Backup

  • Reduced Glass Deductible

  • Claims Protection guarantee

  • Identity Theft

  • Home Based Business

  • Overland Water

  • Service Line Coverage

  • Watercraft

Other optional coverages are available, please contact Keystone Commercial for more information.

How is the cost of Condominium insurance determined?

Because there are many types of condominiums, policies will not all have the same premium.  These are some of the factors that determine the price of condominium insurance:

  • Property Type (high rise, low rise, townhouse)

  • Location (different areas are more prone to vandalism or flooding or other types of claims)

  • Upgrades and improvements made

  • Claims History of the owner

  • Credit Score

  • Type of building materials used to build the structure of the Condominium

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