Q.   My association has insurance protection.  Do I still need my own insurance?
A.    Yes.  Each unit owner is responsible for some items not covered by the association policy, such as; building items inside your unit (see important info below), personal contents, and personal liability.
Q.   What type of policy and coverage options should I consider?                               Estimated Cost
A.    If you own and live in your unit                 HO6 policy                                                      $400 and up   
       If you own and rent to others*                  HO6 policy with rental endorsement              $400 and up
       *Year round tenants should show proof of HO4 policy (covers tenant property & liability).
Additional coverage options to consider which are not automatically included above are:

• Increased Loss Assessment coverage.  Reimburses you for assessments made by the association in the event the association’s policy limit is not adequate to pay for a large loss and the loss is an insured peril on your policy.  (estimated cost $3-$4 per $1,000)
• Scheduled property endorsement for jewelry, art, furs and collections.  (estimated cost $15 per $1,000)
• Mold coverage endorsement.  Protect from ensuing mold from a covered loss.  (estimated cost $50)
• Personal Umbrella Liability policy.  Higher personal liability limits for lawsuit defense. (cost varies)
• Flood insurance for your personal contents and building items your association does not protect.

Q.   My policy for my primary home extends coverage to my unit, should I still purchase a separate policy for my unit?
A.    Some primary home policies can extend coverage for personal liability, and a limited amount of personal property.  However, there is no coverage for building items inside your unit or loss assessment coverage.  So yes, it is better to purchase a separate policy that better covers your unit.