Homeowners insurance aims to restore your home and possessions to the same condition they were in before a loss occurred. Because Homeowner’s policies offer coverage that varies by state and insurance company, a Moody professional is ready to assist you in determining your coverage needs.
Although your Condo or Cooperative Association carries Master Policy insurance, it covers only the property owned jointly (the building, pool, and gazebo, for example) by all unit owners. The Master Policy does not protect your personal property and liability, so you need condominium owner’s insurance to fill in the gaps.
A condominium policy must coordinate with the condo’s Master Policy insurance, taking into account the by-laws and covenants of the association. You should review your condominium’s by-laws before you consider the coverage and limits on your Condo Policy.
Some of the coverages available on the Condo Policy:
This description of coverage is not an insurance contract. Your policy is the contract that specifies and fully describes your coverage. Conditions and exclusions will apply. Not all coverage described is available in all states.