Condo Liability Insurance: Carefully Deciphering Your Bylaws

The amount of condo liability insurance you need will depend on what you need for your unit and the amount of liability coverage provided through the bylaws of your condo association.

Your Personal Liability

If you own a condo and have bought it with a mortgage, you will be required by the lender to have damage insurance. However, even if you are not required to have insurance, it is a “must have.” In addition to insurance to repair walls, replace fixtures and replace personal items, you need insurance to cover personal liability should someone be injured in your condo.

A wet spot on the kitchen floor can become a financial nightmare if someone slips, but condo liability insurance can protect you.

More Liability Through Your Community

Your liability doesn’t end at the front door of your condo so neither does your need for condo liability insurance. In the bylaws of your condo association will be the details of the limits of liability of the association. The condo master insurance policy will cover the association for accidents on the common grounds. However, you should review that liability limit and determine if you would like additional coverage for yourself in case the association master policy doesn’t provide ample coverage or in case someone sues not only the association but its individual members as well.

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