Condo Insurance in Maryland

Owning a condo gives you a piece of the property ownership pie and housing security. In turn, you should protect your investment with condo insurance that protects your belongings and yourself when disaster strikes. At Renee Oliver Insurance Agency in Silver Spring, MD, we can help you understand Maryland state laws that govern condo insurance and make sure you get a policy that provides ample coverage for your dwelling.

How the Maryland Condominium Act Works

The state of Maryland has a law provision, known as Section 11-1114 of the Maryland Condominium Act, that states condominium associations have to maintain property insurance on the entire condominium building, including owner's units. This is known as a master policy designed to include everything in the building when the builder completed it. The master policy does not cover improvements to a unit after construction was finished. Instead, individual unit owners are free to take out a condominium policy for their own property coverage.

If an adverse event starts in an individual unit and damages the common areas, the unit owner can be held responsible for the insurance deductible of up to $5,000.

Protecting Your Property with HO6 Insurance

Condo insurance in Maryland is known as an HO6 policy. This policy will replace and repair your property if a covered loss occurs. It can also cover the cost of the master policy deductible in the event an adverse event starts in a unit and damages common elements. Mortgage companies and homeowner's associations typically require a condo owner to have an insurance policy, but the state of Maryland does not have a mandatory requirement for individual unit owners.

Get in Touch with Us at Renee Oliver Insurance Agency Today

Not sure if you have enough coverage or the right kind for your condominium? Call us today at our office in Silver Spring, MD and talk to us about your condo insurance needs. We can give you multiple coverage options and help you pick a policy that meets your needs and budget.