A condo does offer easier living. You don’t need to cut the grass or do exterior maintenance, and if you live in the north, you don’t need to worry about snow removal either. You can still have major headaches though if you don’t maintain a policy of condo insurance for the interior of your unit, your furniture, clothes, personal property and appliances. Here’s what you’ll want to look at and why.
The master policy
Take a look at your association’s master policy, and you’ll see that all exterior components of the development are covered along with the common areas that you share. As a general rule, nothing in your master policy covers anything inside of your unit.
If a guest slips on a wet spot on your kitchen floor and is injured, you, and not the condo association can be held liable for their injuries. You want liability coverage.
Damage to the interior
You’ll definitely want to be insured if the interior of your unit is damaged an event like a fire or tornado. Even a simple grease fire inside of your unit can cause considerable damage. The association’s insurer isn’t going to make repairs to anything inside your unit. They’re not going to cover your personal property either.
If you’re burglarized, your personal property won’t be covered without a condo policy. Your personal property inside of your unit isn’t the association’s responsibility.
How much condo insurance should I get?
You’ll want to do an inventory on all of the personal property you have in your unit, and then figure out how much it will cost to replace it all. Then you want to talk with your agent about how much insurance to have. If there are some particularly valuable items in your condo, let your agent know. You might need special endorsements for those.
Don’t ignore what’s inside of your home just because your condo association is insuring what’s on the outside. You still need appropriate coverage for what’s inside of your unit. That’s just not the condo association’s responsibility.