507.424.6200

Condo Insurance

Fortress Insurance


Insuring a house is usually a straightforward process…but insuring a condominium or townhouse can often be a little trickier.
As you begin the process of purchasing coverage, you’ll depend on your insurance agent to be aware of, and save you, from some of the pitfalls.
The most important question is: what, exactly, is covered in your policy?
For example, some customers have bought coverage on the “interior” of the unit, only to find out later that their policy only covered them as far as the sheetrock on their walls … left uncovered were the thousands of dollars of improvements they’d made to the cabinets, floor treatments, etc.  It’s important when getting insurance coverage for your unit that you and your agent work out with the insurance carrier just exactly what is — and what isn’t — covered. 
A second important question is: what is the nature of the relationship between you, the unit owner, and the condo association or Management Company that cares for the property as a whole?
Here’s an example: A condo association took care of the coverage for the exterior of the units. However, their policy had a 10% deductible.  When a freak rainstorm damaged the drives, walkways, and parking lots, the condo association found themselves looking at a $300,000 repair bill. The deductible was $30,000 and each of the 10 unit owners in the association found themselves owing $3,000 out of their pockets.
If these owners had worked carefully with their insurance agent, he might have suggested Loss Assessment Coverage.  The Loss Assessment Coverage would have kicked in for these owners and covered their $1,000 payment.
The moral: before you buy insurance from a carrier, work with your agent to make sure all of these questions have answers. And of course, make sure that your agent is someone you can trust to spot pitfalls and make sure you are protected.
Staff Writer
Skip to content