Condo insurance helps you repair or replace property inside your condo unit. The difference between condo insurance and home owner’s insurance is that you’re not insuring the entire building. The insurance is specifically for the unit in which you live. Coverage for anything beyond your front door is not your responsibility.
There is probably a condo association that has coverage for the building and other related items or property. This coverage spans the gap between what is covered by the association’s policy and the coverage you buy for yourself.
Condo insurance also protects you against liability. So if someone is injured inside your condo, then insurance will pay any associated damages. This coverage is also good if you weren’t there when the injury occurred. If you live in a condo, then condo insurance is worth considering.
Without this coverage, you have no help to repair or replace items within your unit. Speak with the condo association to see what their policy covers. You can then find a condo insurance policy that fills the gaps and provides what you need.
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