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Modern condo Building

Condo Insurance

Condo Insurance Retcho Insurance Agency Closter New Jersey

red brick condo building

Maybe you have recently purchased a condo in New Jersey. If so, you most likely have a monthly obligation to pay the Master HOA insurance policy for the properties that you share with other condo owners. While that will give you some community coverage, it will not protect you or the property in the unit. This is where you need an individual condo insurance policy from Retcho Insurance Agency in Closter.

Is a Condo Insurance Policy Required?

If you have a mortgage on your condo, the lender will require you to carry your own condo insurance policy to protect the property until the loan is paid. Even if you have a condo that you own outright, you should still consider having condo insurance.

What is Included?

Like home insurance, the condo insurance policy is meant to protect your personal property. While you do not have lawn space, you own everything in the unit and any secluded patio space you may have.

Unit Coverage (Dwelling Coverage)

Your association's coverage usually extends all the way up to the walls of your unit. Your condo insurance takes over from there. It safeguards what's inside the walls as well as anything attached to them, such as your flooring, cabinets, tub, appliances, and other fixtures. This can include additions, renovations and upgrades to the following:

  • Hardwood flooring

  • Interior walls

  • Cabinets

You will be covered for damage caused by fire, wind, vandalism, and other events. For instance, if your kitchen cabinets are damaged as a result of a sudden burst pipe, your condo insurance will provide coverage up to the value of the cabinets. 

You should check what the association's master policy covers for the building. This will help you decide the appropriate protection for your condo policy.

Personal Property Coverage (Contents Coverage)

Condo insurance can assist you in repairing or replacing personal items such as computers, bicycles, televisions, and furniture that have been damaged or stolen. You are protected against damage caused by fire, wind, vandalism, theft, and other occurrences.

For example, if your TV is stolen from your condo unit or your personal belongings like laptops, clothing, golf clubs from your car, your condo insurance will pay for its replacement.

Scheduled Personal Property Coverage

While personal property coverage is an important part of condo insurance, it's important to read your policy carefully to understand what this coverage may help protect or lack. You may discover that adding scheduled personal property coverage to your home insurance policy can help provide greater protection for some of your most valuable possessions. Scheduled personal property insurance is a supplemental insurance policy that goes beyond the standard coverage provided by a home insurance policy. Owners can ensure full coverage of valuable items, such as jewelry, in the event of a claim by purchasing a scheduled personal property policy.

two rings on top of a necklace


If you have children, pets, or like to entertain in general, it is vital to have a policy that will give you a financial cushion in the event of a lawsuit. If you are the subject of a claim or lawsuit, condo insurance can help you pay for your defense and court costs. It can also cover medical expenses for guests who are injured in your unit by accident, you can use this portion of the policy to cover these costs.

hotel room

Additional Living Expense

If you are forced to leave your unit due to a covered event, condo insurance will help cover costs such as alternate lodging and other living expenses.

For example, if a fire severely damages your unit, your insurance will help pay for your hotel stay and meals.

Get Your Policy Today

If you need Condo insurance in Closter NJ or anywhere in New Jersey, it is time to reach out to Retcho Insurance Agency today. One of our veteran insurance agents is ready to assist you with your personal quote. Don't forget, you will save more when you bundle your auto insurance.

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