Purchasing Condo Insurance
For most people, their home is their biggest financial investment. It is a valuable asset that should be protected. Owning a condo is no different. As a condo owner you might not own the entire building, but you own your living space. Condo insurance gives you the financial protection you need to cover your personal living area.
The Master Policy
Your condo probably has an association with a master policy. That policy would cover the building, the exterior and common areas used by all tenants. The policy may also cover the floors, ceilings, and bare walls inside personal living areas. But that does not include your personal belongings.
You need a condo-specific policy to protect your personal property and interior. The policy also provides personal liability, which helps if someone injured inside your condo decides to file a lawsuit.
Condo insurance policies vary. Before making a purchase, check with the condo association to see what their policy covers. From there you can contact an insurance agency to discuss your condo insurance needs. You will rest easier knowing you have coverage for your personal belongings and liability support should it become necessary.