Insuring condominiums is similar to home insurance except for the peculiar nature of a condo and the condominium owner's legal relationship with the Condominium Association. Condominium owners and the Association are subject to Michigan's Condominium Act. A Condo may be within a building containing other condominium units, or a condo can be an individual unit. Our agents at McNeil Agency, Inc., in Rochester Hills, MI, are experts in determining who is responsible for insuring the condo; please call us to talk about and review your Condo Association's Master Policy.
The two types of coverage available are typically called "all-in" and "bare walls-in" condo master policies. The difference between these policies is based upon the extent of coverage of certain elements of your condo. "All in" does not cover your personal property but will cover condo fixtures such as your appliances, carpets, and wiring within the walls.
"Bare walls-in" condo master policy does not cover everything within your walls. Depending on the language of the policy, plumbing and electrical systems may or may not be covered. This policy is similar to a homeowners policy and provides significant protection if the condo is damaged by fire and covers all personal item, which is referred to as a loss of use. This policy is also known as "studs in" or "walls in" coverage.
The condo owner should obtain a policy that will cover interior walls, personal property, valuables, and appliances. Your policy may include installed fixtures and other attached features in the unit. The policy also protects the condo owner against liability claims if the owner is responsible for third person's injury, medical expenses or property damage, or any legal fees as a result of a lawsuit.
A quote from one of our Michigan agents is available after your needs are reviewed, and the agent will also provide all the options available. Please call McNeil Agency, Inc. in Rochester Hills, MI to get started!
Looking for a dependable and trustworthy insurance agency? Northern Oakland & Macomb County residents rely on the McNeil Agency, Inc. We've been helping residents of the local communities since 1950. Our agents are all members of the community so we understand the local marketplace. We represent several outstanding insurance companies which allows us to tailor an insurance policy to your specific needs.