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  • Michael Dattolico

Storm Warriors: Insurance Policies for Apartments and Condos

Owning an apartment or condo comes with it a different set of rules since you share your building with others. In this case, to fully cover everything you will need be aware of two policies: (1) master policy for the building and (2) and individual policy.

Master Policy

The master policy is the responsibility of the building management, and it's fees and costs are usually included in your maintenance fee or association dues. These policies can vary widely so it's important for you to contact your building management and ask what they cover versus what you will have to make up for in your individual plan. Usually all master policies will cover shared building features such as the halls, elevators, gyms, etc. However, where the variation comes in is for the individual units. Some plans cover all the original structures such as the stove, washing machine, etc. If you had made any alterations or replaced any of the features, then you would be responsible for those. Other policies only cover the walls and physical structures so you would have to cover the appliances on your own.

Individual Policy

The individual policy picks up on things that the master policy does not cover and usually your apartment management will require you to have some kind of insurance. Your insurance will likely include ALE (additional living expenses) protections. To further protect yourself, you might want to consider these add-on's:

1. Water backup - protects against sewer/drain backups

2. Flood insurance

3. Floater - coverage for expensive jewelry or collectibles

We hope these tips are helpful to you. At AJS, your family's safety is our family's utmost concern. If you feel like your home or business is in risk of flood, contact our knowledgeable team to see how lifting and moving can benefit you and your assets!

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