Insurance: something everyone has (or should have) in some way or form. It can come in the form of life insurance, auto insurance, or renters insurance, but the basic principle remains the same — to provide support for you and/or your property in the case of an emergency.
any individuals have insurance on their homes, either apartments or family homes that they own or rent. But did you know that there is specific insurance just for condos?
Condo insurance is a little like a mix between home insurance and renters insurance, depending on the condo’s make and style. It provides coverage for the inside of the condominium, your space, while the outside is covered by the Condo Association of your building. Condo insurance coverage can include:
- Interior walls
- Personal property and valuables
It also can protect you against liability claims if a person suffers an injury in your unit, and can pay for the legal fees due to a lawsuit.
Condo insurance policies typically cover what the Condo Association’s Master Policy doesn’t cover, and the Master Policy can be one of two distinct types.
The first is an “all-in” policy, which also is known as a “single-unit” policy. It covers the fixtures in the condo, like the appliances and wiring, plumbing and carpets, but not any personal property.
The second is a “bare walls-in” policy, and this does not cover anything within the walls. It may also not cover the condo’s plumbing and electrical systems.
It is recommended that you carefully read the Master Policy of your Association to determine what your insurance policy needs to cover. A “bare walls-in” policy will obviously mean more out of pocket for you.
The insurance policy, at least in most cases, will cover you for loss or damage to personal possessions, coverage for liability and medical payments, and loss of use in the event of fire damage or storm. This means that you can live somewhere else while repairs are taking place.
However, you may have to get additional coverage for specific things like artwork, jewelry, and other items of value.
If you’re getting a condo, you should have condo insurance. It is unlikely that the Condo Association will have a full coverage package for you, and you need protection from libel, slander, and other claims that may come your way from individuals inside the property.
It is important to protect yourself financially and mentally from these worries and to have the peace of mind that comes from having your items protected.