Great answer Mariana. Just to expand a little, here are some explantions that can be helpful.

Loss Assessment is your share of the condo associations deductible on the master policy. So if the club house is burned down, all condo owners share in the cost of the deductible which can be $5,000 or $20,000 deductible. Your loss assessment coverage on your condo insurance policy pays your portion of the deductible for you.

Also, check with your association to understand what they cover on your condo. Some policies only cover the building and you are responsible for the drywall and interior including cabinets and flooring. Some only require you cover upgrades and your personal contents.

Best place to start is with the association. Find out what the master policy covers. Ask them what it doesn't cover. Then you know what to buy. Let your agent know what you need. Different associations have different policies. It is not cut and dry like homeowners. Good luck.


The Home Insurance Specialists http://www.getgliga.com

There is a Homeowner's policy designed specialy to cover the inside of a condo. This form of policy (H06) will cover the reconstruction costs, personal contents, liability, loss of use and medical payment coverages. It will also include Loss Assestment coverage which is usually required from you homeowner association.
Good luck with you New Condo!!!