Condo Owners Need Insurance
If you own a condo, you should consider condo insurance. There are a number of reasons why this coverage is recommended, most notably for the financial assistance it provides. Condo insurance is also low-cost, and affordable for almost any budget. You might think your condo and its contents are covered by the master insurance plan owned by the Condo Association. But it actually is not.
The Condo Association plan covers the structure of the building and common areas. Your private area is your responsibility. If anything happens in your area, such as a small fire, then you are responsible for paying for repairs and replacing any belongings. The Condo Association or landlord has no legal liability to assist you.
The coverage you need is decided on an individual basis. Property coverage is broken down into content and building improvements. You want adequate coverage to cover everything you own, and enough coverage to replace or repair everything attached to the walls, floor, and ceiling. You will have to determine exactly how much you think you need. It is a good idea to take inventory and place a value on your belongings.
Another important option is liability coverage. This provides financial assistance in case someone is hurt in your unit or something happens that creates property damage in the unit below. For instance, a leak might cause a flood in the unit directly below you.
If price is a concern, you can raise your deductible in order to pay a lower premium. Just remember that the higher the deductible, the more you have to pay out of pocket when filing a claim.