Condo Insurance: Do You Really Need It? This Will Help You Decide!
Condo insurance covers the contents of a condominium, and the condo association is responsible for providing insurance protection for the external areas of the condo.
A condominium insurance policy usually includes coverage for; personal property, appliances, and the interior walls. It depends on the specifics of the condo association’s policy.
Not only does condominium insurance cover personal property as a result of damage and loss, it also covers condo owners in the event they are responsible for someone else’s property damage or injury.
Condominium insurance is for condominium owners. An owner’s condo policy will cover damage or loss to personal property, and it also provides protection for medical payments and personal liability.
It will also cover a situation where the owner is unable to live in it as a result of a fire or a storm.
Everything outside, including the grounds and the building, will be covered by the condo association’s insurance policy in cases of damage or loss.
The owner’s condominium policy needs to cover everything on the inside of the property.
In cases of damage or loss, a claim will have to be filed with the owner’s insurance provider and possibly with the association’s insurance provider also.
There are two types of a condo association’s master policy.
An all-in master policy, which is also referred to as a single-unit policy. It provides coverage for carpets, plumbing, wiring, and appliances, but it doesn’t cover personal possessions.
A bare walls-in master policy doesn’t cover anything located on the interior of the building. Sometimes plumbing and electrical systems are covered, but that’s not always the case.
It is important for owners to carefully review the condo association’s insurance policy in order to accurately decide the exact amount of coverage they’ll need for themselves.
Because the condo association’s insurance coverage will only cover the outside of the condominium, It is important for condo owners to purchase condo insurance that will cover any loss or damage to the interior of the condo or to any personal property.