Owning an apartment in a multi-storey building comes with unique responsibilities. While the building’s association may carry a master policy, that coverage is often limited, and it may not fully protect your individual unit, belongings, or personal liability. This is where apartment owners insurance becomes essential.
At Expert Insurance, we regularly help apartment owners understand what is covered, what isn’t, and how to avoid costly coverage gaps. Below is a clear, practical guide to what apartment owners insurance typically covers in a multi-storey building and why it matters.
Apartment owners insurance, often referred to as condo or unit owner insurance that protects your individual apartment, not the entire building. In multi-storey complexes, the building association usually insures common areas such as hallways, elevators, stairwells, and the building’s exterior.
Your apartment owners insurance steps in to cover what the association policy does not.
One of the most important parts of apartment owners insurance is dwelling coverage. This protects the interior structure of your apartment, which may include:
For example, if a fire damages your kitchen or a water leak ruins your flooring, apartment owners insurance can help pay for repairs, coverage that may not be included in the building’s master policy.
In a multi-storey building, risks such as fire, smoke, water leaks from neighboring units, or theft can affect multiple apartments at once. Apartment owners insurance covers your personal belongings, including:
Covered losses are typically outlined in the policy and may include fire, certain types of water damage, vandalism, and theft. This coverage is especially valuable in high-density buildings where shared walls increase exposure to damage.
Accidents can happen anywhere, even inside your apartment. If a guest is injured in your unit or if damage from your apartment affects another unit (for example, an overflowing bathtub), personal liability coverage can help cover:
In a multi-storey building, liability claims can escalate quickly. Apartment owners insurance helps protect your finances if you’re found legally responsible
If your apartment becomes uninhabitable due to a covered loss—such as a fire or major water damage, loss of use coverage can help pay for:
This coverage is particularly important in multi-storey buildings, where repairs may take longer due to coordination with building management and contractors.
Multi-storey buildings come with shared risks, such as:
While the association’s insurance may cover structural damage to common areas, apartment owners insurance ensures your personal losses are covered, even when the incident originates elsewhere in the building.
It’s equally important to understand exclusions. Apartment owners insurance generally does not cover:
Reviewing both your policy and the building’s master policy is crucial to avoid coverage gaps.
Relying solely on the building association’s insurance can be risky. That policy is designed to protect the building, not your personal assets or liability. Apartment ow
At Expert Insurance, we help apartment owners choose coverage that aligns with the association’s master policy and local risk factors.
Living in a multi-storey building doesn’t eliminate risk, it changes it. Apartment owners insurance ensures you’re protected from common and unexpected events that can impact your unit, finances, and peace of mind.
If you own an apartment and want to make sure you’re fully protected, contact us today to review your coverage options.
Call Expert Insurance at 310-533-6000. Our experienced team is here to help you find the right apartment owners insurance for your needs. Contact us today for personalized guidance and reliable protection you can trust.
