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If you own or are about to buy a condo, you will have to take out a condo insurance policy to protect yourself against financial losses from certain disasters. Some condo owners mistakenly believe that because the condo association has insurance, they don’t need a policy of their own. In reality, you are responsible for insuring a portion of your property, and a condo insurance policy can help you do so.
A condo insurance policy insures what the condo association’s policy does not. Condo association insurance typically covers the actual condo building, common areas, and liability protection for the association. However, the association’s policy does not cover losses to your property as a result of burglary, water damage to your bedroom walls, or if you are sued by someone who slipped on your wet kitchen floor. Your condo association’s articles and state laws will dictate the specific building components that are covered by the association’s master insurance policy. Usually, the association’s coverage ceases inside the exterior walls of the building. In other words, you are responsible for the interior walls, fixtures, and personal property and liability coverages.
Condo insurance for individual unit owners will protect you from losses to the inside of your unit and your personal belongings. Your policy will also provide property damage and bodily injury liability coverage. These coverages will pay for the expenses in the event that you harm or injure someone or damage someone else’s property. Liability coverage will also pay for your legal defense in the event that someone files suit against you. You can easily get an online quote on a condo insurance policy that offers these coverages in just minutes.
Before purchasing condo insurance, check with your condo association to make sure you’re getting the coverage you need:
