When it comes to getting insurance for a condo unit, you should make sure you have coverage that fits your needs.
Unlike home owners, condo owners don’t own the building or the land it is built on. With a condo, these are owned by the Homeowners Association – and the association typically carries a master insurance policy for the building and all common areas.
Condo insurance is available that includes coverage to help protect you, your condo unit and your belongings. Condo insurance rates are typically much lower than rates for homeowners insurance on a single-family dwelling.
Condo insurance covers things that your homeowner association’s coverage does not, such as: personal liability coverage… personal belongings such as furniture and appliances… temporary housing costs if your unit becomes uninhabitable… and “loss assessment coverage” in the event condo owners are assessed for a shared loss.
Your local insurance agent can help you tailor a condo insurance policy that’s right for you.