Condo Owners Insurance

You own a beautiful condo or cooperative, and your Association has insured it as part of its Master Policy. No problem…you’re completely covered, right?

Wrong. The Master Policy only covers property that is owned by all unit owners. This includes the actual building in which you reside, as well as common property like a pool or gazebo. However, your personal property, and for that matter your personal liability, are not protected under the Master Policy. You need condominium owners insurance to fill in the gaps.

If you own a condo, or a co-op, you need to know all about the important protection offered by condominium owners insurance. Your condo documents will define if you need building coverage and how much you may need.

Optional property coverages

Every home is different. You may require special coverages for your individual needs.

Personal liability protection

Liability coverage is important protection in the event that you are sued for accidentally hurting other people or damaging their property. Personal liability helps to cover the associated legal costs and related damages.

Medical payments

Most policies will pay up to $1,000 per person in medical bills — regardless of your legal responsibility — when an accident involves bodily injury to others. Higher coverage amounts are available.

Additional living expenses

If your unit is damaged and you have to move out while it’s being repaired, you’re covered! The policy pays for all necessary living expenses (hotel, meals, laundry, etc.).


A deductible is the amount of loss you agree to assume before your insurance coverage takes over. The higher your deductible, the lower the cost of your policy premium. The deductible applies to property losses only. Liability protection does not require a deductible.

The above description provides a brief overview of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Please read your official policy for full details about coverages.

Leonard Insurance can provide you with the coverage which suits you.

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