As a condo owner, you own the space in which you live. Not the entire building, but your private living area. There should be a condo association that owns the land and the public areas of the building. But your neighbors have units in the building as well, so your own condo connects with theirs. This means an accident in your unit or in one connected to yours can cost you money. This is why condo insurance is important.
What Does Condo Insurance Cover?
Liability coverage is offered by most condo policies. When someone is hurt inside your condo, liability will pay for related legal expenses and medical bills. Property coverage is available as well for your personal belongings. It will cover damages resulting from events such as storms, theft, and fire. If you have expensive items, you might want to get additional coverage. Items such as jewelry, rare items, and other expensive items usually require additional coverage.
You’ll have to pay a deductible when filing a claim. Keep that in mind when purchasing your policy. Make sure your deductible is affordable. You might want to keep the amount saved so you’ll have it if necessary.
Even if condo insurance isn’t a requirement, you should consider purchasing it. You could lose a lot of money should an event occur. You could face a liability case, experience a fire, theft, or some other mishap. You need condo insurance to help you financially following any of these events.