Condo insurance can be important even when your condominium association already has its own insurance policy. The association’s master policy generally addresses certain parts of the building, shared spaces, and the association’s liability, but the extent of coverage depends on the policy and your condominium’s governing documents.
Your personal belongings, interior improvements, fixtures, and individual liability may not be fully covered under the association’s policy. For example, a burglary could result in the loss of your belongings, or an accidental water leak could damage parts of your unit. If a visitor is injured in your home and you are found legally responsible, you could also face liability expenses.
A personal condo insurance policy can help address these risks by providing coverage for eligible personal property, certain parts of your unit, and covered liability claims. The appropriate coverage depends on your association’s master policy, your belongings, and your individual insurance needs.
