A condominium purchase can be a very large investment. While you may think you are covered under the condo association’s policy, your investment is in danger if you do not have your own condominium insurance policy. Protecting your investment with condo insurance is essential.
If you are a condo owner, you need to have this specialized insurance protection. It is made to cover the specific needs of a condominium owner. While it is somewhat like homeowner’s insurance, it also has facets that are found in renter’s insurance, as it covers personal property and gives you liability coverage, too. It is important, however, that you evaluate the coverage available to make sure that you are completely protected.
As a supplement to the homeowner’s association insurance, condominium insurance covers everything inside of your condo. HOA insurance covers the bones of the building and any outlying shared spaces, but will not cover any improvements you have made to the property or any of your personal property. By having both types of coverage, you can make sure that you and your family are protected from financial loss if something occurs. The policy that you need will be determined by the coverage that is paid for by the HOA.
Different coverage types are available. Some people want just personal belongings coverage and some cover the inner structure. You want to be sure that you evaluate your belongings, as well as any improvements you have made to be sure that you can make replacements or repairs if you need to. The HOA could hold you responsible for damages, which is why you may want to include “loss assessment” coverage, too. Liability coverage is a necessity for you, as it will protect you if someone is injured on your property.
All in all, condo insurance is a very important piece of coverage if you have invested in a condominium.