Condo insurance is specifically for condo owners. This means anyone who owns and lives inside of a condo is eligible for this type of coverage. Unlike homeowner’s insurance, this type of policy is strictly for the inside of your condo apartment. It does not cover anything that extends outside of your personal space.
Do You Need this Insurance?
You don’t necessarily need this coverage. It is not mandatory for you to have it. But it is worth considering if you want to protect the personal belongings inside your condo. You have to weigh the cost of needing to repair or replace your items with the cost of the insurance. Also keep in mind that this coverage usually includes liability, which will help you if anyone is hurt on your property.
The Usefulness of Condo Insurance
Your building should have a condo association. That association should have insurance that covers things that happen to the outside of the building and in common areas. But you are responsible for things that happen inside of your condo space. With condo insurance, you will be eligible to receive monetary assistance when needed.
Having condo insurance is worth considering. You will get coverage for your personal belongings and some liability coverage as well. It helps to have financial assistance should you face a disaster that could cost you thousands of dollars.