Insurance Information

Your condominium association purchases property and liability insurance for all unit owners.  This insurance pays for the repairs or to rebuild the complex if it is damaged or destroyed because of an insured peril.  This insurance also protects the owners through liability coverage of the common areas.

It is probably more important to understand what this insurance does not cover, rather than what it does cover.

1. There is no insurance coverage for the personal property of unit owners or renters.  The Association coverage is limited to fixtures, improvements and alterations that comprise part of the building.  This includes built-in appliances, interior walls, plumbing in common areas, and light fixtures.

2. There is no bodily injury or property damage liability coverage for accidents inside the units or for certain accidents inside the units that damage the personal property of others.  For example, if a toilet overflows in a unit, and, causes damage to the contents of units to the side or below, you may have a problem.  The Association insurance will not cover the damage to your unit or to the other units affected.

3. There is no loss of rent or loss of income coverage in the Association's insurance.

4. As you know, the Association's insurance has a deductible  There are many circumstances where the first $5,000 to $10,000 of repair expense to the building is the responsibility of the unit owner. 

As a unit owner, you are strongly advised to make up this potential gap in coverage by use of your own condominium Unit Owners Policy.  It is your responsibility to maintain limits needed to provided adequate coverage.  You will need to insure building property and/or building and alterations coverage within the perimeter walls of your unit.

Under certain conditions and subject to non-discriminatory standards described within Virginia Statutes, it is entirely possible for a unit owner to be assessed the condominium deductible in the event of a claim.

If you own a rental unit, it is also advised to verify peril of theft is covered under your current policy.

 Your Board is not directing you to purchase your insurance policy from any particular insurance company or agent, nor is this meant to preclude the professional responsibility of your current insurance agent to design or suggest coverage which will fulfill your specific needs.  You should consult with an agent licensed to conduct business within the Commonwealth of Virginia regarding your coverage requirements to include gap coverage as described above

Failure to heed the above could be expensive.