Condo Insurance in Frederick Maryland
Balderson Insurance provides condo insurance in Frederick Maryland that is designed to fit the needs of each client we serve. As an independent insurance broker, we shop among the top insurers in the state to find the best MD condominium insurance for your specific circumstances. For questions or a free quote, call us at (301) 874-0772.
What kind of insurance is required for a condominium or co-op?
After purchasing a condo or co-op, your mortgage company will require that the dwelling (structure and interior walls) be protected. You may also need coverage for your personal property; liability and other fees you may incur from the association regarding certain shared expenses.
In the vast majority of cases, there will be two separate policies to provide full protection for your condominium; an individual policy taken out by you and the “master policy” provided by the co-op/association.
Your Own Maryland Condo Insurance Policy
Your individual condominium insurance policy will provide:
- Personal Property Coverage: This insures your personal possessions in the event of a covered loss such as fire, theft, or anything else that is stated inside your policy.
- Living Expenses: In the event that you are the victim of a covered loss, your policy compensates for hotels, meals, and other expenses.
- Liability: If you or a family member injures a third party and/or a third party is injured inside your condo, liability covers your legal expenses up to a designated amount (in most cases starting at $100,000).
The Association “Master” Policy
The “master policy” is a separated policy carried by the association or co-op that provides coverages for common areas such as the lobby, basement, roof, elevator, walkways and exterior for both property damage and liability.
Every co-op and association is run differently. So in order to fully protect your unit, it is important to know the exact coverages provided by your particular association. For example, some master policies cover the interior walls and fixtures (such as kitchen cabinets) of each condo unit, while others do not. You can find out what is and is not covered by reading the association by-laws or calling them directly. You may also give us a call and we would be happy to find this out for you.
Some additional coverage you may want to consider when shopping for condo insurance in Maryland:
- Unit Assessment: This insures you for your share of an assessment that may need to be done resulting from a covered loss in a common area such as the lobby.
- Flood or Earthquake: If you live in a flood-prone area or an area that is susceptible to earthquakes, you will need additional insurance to cover you for these disasters. All flood insurance is purchased through the National Flood Insurance Program administered by FEMA (http://www.fema.gov/nfip/). However, both policies can be purchased through your agent.
- Water/Sewage Backup: Not all policies insure for backups of sewers or drains. If necessary, this can be added for an additional fee.
- Endorsements/Riders: If you have special personal items such as expensive jewelry or collectibles, you may want to purchase a separate endorsement to make sure they are covered beyond the standard $1000 to $2000 maximum that is included in most policies.
- Umbrella Insurance: A relatively inexpensive way to increase your liability limits beyond what your MD condo insurance policy will cover is through an umbrella policy.
Finally, don’t forget to ask us about available discounts for higher deductibles, security systems, and keeping multiple policies with the same carrier. We will look for every way to find the best condominium insurance for the lowest prices to fit your needs.