Condo Insurance
There are many insurance policies available for condominium owners. Condominium insurance is different from home insurance in that it does not protect your actual unit (the structure). The condominium association is the one responsible for insuring the building, as well as the shared facilities. However, that insurance policy does not protect a condominium owner from property loss and personal liability. Condo insurance is made specifically to protect condominium owners from these risks.
How Different is Condo Insurance from Others?
A condo has no property protection simply because you don't need it. Condo owners share ownership over the entire building. While you may have a claim on a unit, the truth is that you also lay ownership to all the common areas, including the swimming pool, the interiors, the furniture, the parking areas, security, and so on. When you own a condominium unit, it's more like owning a share of the entire building.
The common areas are the responsibility of the condominium association. They are also responsible for insuring the whole building. Condo owners pay the association with dues for this. So when something happens to an owner's unit or any of the shared areas, the claims will be made on the association's insurance plan. So why does a condo owner still need insurance? Well, there are still a great many things which you are not covered for and condominium insurance was made specifically for this.
Coverage of Condo Insurance
Condo insurance, of course, varies from one insurance provider to another but virtually all are customizable. Choosing a condo insurance plan will also depend on the coverage afforded by the condominium association's property insurance. They must not overlap. For this, a lengthy discussion with an insurance agent is important. The idea is to give you with insurance coverage that is as comprehensive as possible.
Condo insurance will typically cover your possessions inside the unit. These can include your furniture, walls, kitchen, bathroom, and all personal possessions. Property improvements are also covered. These may include interior decorations, renovated rooms, and wallpaper. High-value items may not be included in the insurance. The protection provided by the condo insurance is typically for most types of damages, including fire and theft. Add-ons to the condominium insurance may be available at additional cost, if desired.
Condo insurance is much more affordable compared to other home insurance plans because there is no property insurance included. However, it still provides comprehensive protection where you need it. Be sure to ask if the protection is for a full replacement or if the depreciation will be taken into account.
The personal liability provided by condominium insurance is very similar to other types of personal liability protection given by other plans. Typical coverage limits are $300,000 but higher limits are also possible (at higher premiums of course).
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