Regarding insurance from Great Michigan Insurance in the Marshall, MI area, there are two main types of policies for condo owners: a master policy and a condo unit policy. A master policy is typically purchased by the building’s association or management company and covers the common areas of a condominium complex like the lobby, elevators, hallways, stairwells, etc. It also covers any additions or improvements made to a condo complex and liability coverage in case of accidents.
On the other hand, a condo unit policy covers individual units and their contents. This type of insurance generally covers damage caused by fires, storms, theft, and vandalism to personal property within the unit. This policy may also provide liability coverage for someone injured while inside an insured unit.
Owners of condominiums need to understand the difference between these two policies to ensure they’re fully protected against potential damages or hazards they may face. While both types of policies are necessary for any homeowner living in a condominium complex, understanding which one provides which kind of coverage is essential to ensure your assets are safe and secure.
For more information, give us at Great Michigan Insurance a call today. We proudly serve the Marshall, MI area and would be happy to help you find a policy that meets your needs and budget. We work with both owners and associations and have precisely the policy you need to make sure you are covered in case of an accident. So don’t wait! Call today!