As a condo owner, you may feel you have enough insurance coverage from your master insurance policy, but you may be mistaken! The Condo Association insurance policy only covers so much, and it’s in your best interest to find additional coverage wherever possible. Do you really need condo owner insurance? Here’s your chance to find out.
Do You Have Valuable Personal Property?
Does your condo have expensive property such as furniture and other personal belongings? These types of personal property are subject to theft, vandalism, and destruction from uncontrolled forces such as leaky pipes and electrical fires. It can cost a small fortune to replace your personal property, but condo insurance may cover the expenses! Choose condo insurance if you have any personal property that would need immediate replacement upon destruction.
Do You Regularly Receive Guests?
Your guests are only human, so they may get into predicaments that may cause injury to themselves while on your property or damage to common areas that may bring forth lawsuits. Anything can happen if you have guests over, especially if you have them over often. A master policy will cover injuries in common areas, but not within your dwelling. A condo insurance policy can give you the proper amount of liability coverage you need to attend to these situations.
Condo owners have master insurance policies, but those have limits on what they can insure. Condo insurance can cover what the master policy does not.