Owning a condo is a great investment that provides many benefits, including low maintenance costs, shared amenities, and a sense of community. However, as a condo owner, you still need to protect your home and investment with proper insurance coverage.
Condo insurance is designed specifically for condo owners. It covers your personal belongings, liability, and any damages to the interior of your unit that are not covered by the condo association’s master policy.
Personal Belongings Coverage
Your personal belongings are not covered under the condo association’s master policy. Therefore, it’s essential to have personal belongings coverage in your condo insurance policy. This coverage protects your personal belongings against damage or loss from theft, fire, or other covered perils.
Liability Coverage
Liability coverage is another essential component of condo insurance. It protects you against claims made against you for bodily injury or property damage that occurs within your unit. For example, if a guest slips and falls in your unit and sues you for damages, liability coverage will help cover the costs of the lawsuit.
Interior Damage Coverage
The condo association’s master policy typically covers damage to the exterior of the building and common areas. However, it may not cover damage to the interior of your unit. Interior damage coverage in your condo insurance policy can help cover repairs or replacement costs if your unit is damaged by a covered peril such as fire, water damage, or vandalism.
Additional Living Expenses Coverage
If your condo becomes uninhabitable due to a covered peril, additional living expenses coverage can help cover the costs of temporary housing and other expenses while your unit is being repaired or rebuilt.