Insuring Your Condo: A Guide for CT Residents

February 14, 2024

Connecticut has some of the most distinctive condos, including reimagined and repurposed historic factories and mills. Whether your abode is a vintage condo or a contemporary high-rise, you need condo owners insurance in CT to protect it and your financial investment.

This condo insurance guide explores the specifics of condo owners insurance. You’ll learn what it covers, how it differs from homeowners insurance, and the unique considerations for Connecticut residents.

Condo Insurance in CT: Understanding the Basics

Your condo association’s master policy covers the building’s exterior and common areas. Along with your condo association bylaws, the master policy determines coverage specifics on responsibilities, exclusions, and any conditions unique to your property and location.

Meanwhile, condo insurance protects the interior of your unit from the walls in, including interior walls, fixtures, and permanent structures. It also covers your belongings and provides liability coverage. 

Breakdown of critical condo coverages  

  • Personal property: This coverage protects your furniture, electronics, clothing, and other valuables from theft, fire, water damage, and other covered perils.
  • Personal liability coverage: This coverage protects you financially if you are legally liable for injuries or property damage in your unit, or anywhere in the world. It also covers legal defense costs, for any alleged injuries, or damages arising from your hobbies, interests or lifestyle.
  • Additional living expenses (ALE): If a covered event makes your condo uninhabitable, it covers temporary housing and other living expenses until fixed and your unit is once again habitable.
  • Condo assessment coverage, up to a stated amount, can be added to your condo insurance policy. In the event that the condo association suffers a loss in a common area such as the pool area, stairwell, shared hallway, or even the roof, the cost associated with that claim may be divided, or assessed, to the individual unit owners. It is hoped that the association has adequate insurance to cover the claim and the unit owners would only be responsible for the shared deductible. However, because having a high deductible helps to keep premiums lower, that deductible may be substantially more than expected and the assessment therefore larger than expected.

Specific Regulations in Connecticut

Connecticut law mandates condo associations to maintain property and liability insurance for the building and common areas. However, it doesn’t require individual unit owners to obtain condo insurance. 

But here’s the catch:

  • Mortgage requirement: Most mortgage lenders require condo insurance as a loan condition.
  • Condo association requirements: Your condo association may have its own bylaws mandating condo insurance for all unit owners.

 Even if not mandated, you need condo insurance for peace of mind and financial protection.

Identifying Your Insurance Needs

Tailoring your condo insurance to your specific needs is crucial. Here are some factors to consider:

  • Value of your condo and belongings: Determine the replacement value of your unit’s interior structure and personal belongings to ensure adequate coverage.
  • Potential risks: Consider potential risks in your area, such as fire, theft, or weather events, and tailor your policy accordingly.
  • Additional coverage options: Depending on your location and needs, you might consider flood insurance, earthquake insurance, or additional dwelling coverage if your association’s master policy has limited coverage for specific areas of your unit. 

Brooks, Todd & McNeil experts will professionally assess your risks and explain your available coverage options.

Typical Coverage Gaps to Watch Out For

Standard condo insurance policies may have limitations or exclusions. Here are some potential gaps:

  • Improvements and alterations: You might need more than standard coverage if you’ve significantly upgraded your unit. You can add additional dwelling coverage to your policy.
  • Valuable possessions: You might need a separate floater policy for high-value items like firearms, jewelry, or artwork.
  • Water damage: Standard policies often exclude flood damage. Flood insurance is a separate policy usually recommended in Connecticut due to potential flooding risks.

Your condo and its contents may change over time. Regularly review your policy and update it as needed to ensure adequate coverage.

Frequently Asked Questions

Q: Can I bundle condo insurance with other policies?

A: Yes! At Brooks, Todd & McNeil, we offer bundling options that allow you to combine your condo insurance with other policies, such as auto insurance, for potential cost savings and the substantial saving on both policies often keeps the net cost to under $100. A year, depending on coverage and individual risk characteristics

Q: How much does condo insurance cost in Connecticut?

A: The cost varies depending on your location, the value of your unit and belongings, and your chosen coverage options.

Q: What’s the difference between condo insurance and homeowners insurance? 

Whereas homeowners insurance covers both the structure of the dwelling and its contents, condo insurance focuses on the interior of your unit and your belongings.

Q: Is flood insurance mandatory in Connecticut?

A: No, flood insurance is not mandatory statewide. However, depending on your location and flood risk, your mortgage lender might require it. It’s generally recommended in Connecticut due to the potential flooding throughout the state.

Q: What happens if someone gets injured in my condo?

Your condo insurance’s personal liability coverage can help protect you financially. Suppose someone suffers an injury within your unit, and you are found legally liable. In that case, this coverage may pay for medical expenses, lost wages, and legal fees up to your policy limits.

Obtain the Right Condo Owners Insurance in CT 

Condo insurance is an essential investment for Connecticut residents. It safeguards your financial well-being by protecting your unit and belongings and providing liability coverage. You can ensure proper protection by understanding your specific needs, exploring coverage options, and seeking guidance from experienced insurance professionals.

Contact Brooks, Todd & McNeil today! Our dedicated agents are here to answer your questions, assess your risks, and help you find the condo insurance policy that best meets your needs. Call us at (800) 448-4567. 

About Brooks, Todd & McNeil

Since 1839, the independent agents at Brooks, Todd & McNeil have been pleased to offer our community the most comprehensive policy options from a variety of providers. Our dedicated agents are ready to put their 75 years of combined experience to work on your claims. To learn more about our products and services, contact us today at (800) 448-4567.