What Your Condo Insurance Policy Should Cover

A condo insurance policy is a must for the prudent condo owner, and a legitimate place to begin considering condo insurance is the question: What should it cover?

Covering Your Property And Possessions

In almost every case, your condominium project will have a master policy that you pay for in your condo dues and which covers the structure. But you need more.

A condo insurance policy should also be taken out by you personally to cover:

  • your condo itself including the interior walls, cabinetry and appliances. You own these.
  • your personal possessions. The master policy will not cover your clothes, valuables, etc.
It is smart to ask yourself, “If I had to rebuild from the studs out, refurnish completely and replace all my possessions, what would that cost me?”

Insurance for Liability

Again, the condo master policy should cover liability for the condo project, such as the grounds.

You are liable for what happens inside your condo. Your condo insurance policy should provide you protection if someone is injured in your condo, just as with homeowners insurance.

Before deciding that you have enough insurance, be sure to understand both your condo master policy and all the particulars of your personal condo insurance policy.

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