A Unique Form of Ownership

Owning a condominium is like owning a home. But not quite. Owning a condominium is like renting an apartment. But not quite. As a matter of fact, owning a condominium is not quite like anything else. It’s a unique form of ownership with special insurance needs. And that’s why Regan Insurance has an insurance policy specifically for condominium unit owners—to provide the coverage you need but won’t find under a Homeowners or Apartment Dwellers policy.

Personal Property Coverage

Personal Property Coverage protects personal possessions located in your unit-such as furniture, clothing, linens, sports and hobby equipment. Coverage is provided on a broad form "named peril" basis, which means your property is protected against the perils of fire, lightning, windstorm, hail, explosion, theft and many more. Coverage is also provided for personal property away from home—such as that you take with you when traveling.  Additional living expense coverage is also included. This coverage reimburses you for additional costs incurred for rooms and meals when you can’t live in your unit because of damage from a covered peril.

Property Coverage on Buildings

This coverage protects the portions of your unit in which you have sole ownership rights—such as walls (including wallpaper and paneling), partitions, light fixtures, and built-in appliances. Coverage is also provided for structures on the premises which you solely own—such as carports, detached garages or cabanas—and for additions or alterations to buildings, whether part of the original purchase price or later additions.

Loss Assessment Coverage

Although condominium associations have a master insurance policy to cover damage to common property and liability from bodily injury or property damage occurring on common property, these policies can have large deductibles, gaps in coverage, or inadequate limits. And that means you, the individual unit owner, may be assessed a portion of the cost of liability claim or property damage which is not fully insured under the master policy.

To protect you against this type of assessment, our Condominium Unit Owners Policy provides an important option—Loss Assessment Coverage. The amount of coverage you purchase depends on the coverage provided by the master policy and your obligation as a unit owner as set forth in your condominium Bylaws and Declarations. We will advise you on the amount of coverage you should carry for your own protection and peace of mind.

Additional Coverage

In addition to the coverage already described, your Condominium Unit Owners Policy can also provide:

1.    Liability coverage for you and your family if someone is injured on your property, by your activities or for damage caused to the property of others.

2.    Medical payments for guests or others while in your unit or caused by your activities.

3.    Protection for stolen credit cards, forgery, liability for certain watercraft, liability for domestic employees, and many others.