Usually, a condo association will own a master insurance policy that covers all the outside structures of the buildings, as well as common areas such as green space and pools. What you may not realize is that any damage to the interior of your unit is not covered under this policy. It is therefore important to have condo insurance to protect your belongings and to provide liability coverage in case of injury on your property.
Why Get Condo Insurance?
Check your association’s coverage. Most commonly, you are responsible for everything within the walls of your unit. This includes any upgrades and most appliances, as well as plumbing and windows. Condo owners face unique needs. Due to the large number of units close together, they may be at higher risk for theft, fire, or water damage due to plumbing issues. Talk with our agents to determine what is covered, such as clothing and furniture, and what limits may be available. You will also want to carry liability insurance in the case you are at fault for fire or water damage. This is important because in a condo complex, fire or water can quickly ruin many units. If you have a mortgage on your condo, you may be required to carry condo insurance.