I had been searching for a new home for quite a while and decided on buying a condominium. The condominium association takes care of insurance in case the building is destroyed by fire, smoke or weather related damages. I did not know why I needed homeowner’s insurance in addition. However, this association insurance does not cover anything behind my condominium walls.
No personal possessions, clothes, furniture, household items, and electronics are covered unless I buy a separate homeowner’s insurance policy. If I have fire or smoke damage to my apartment, I am not covered. If someone breaks into my apartment and steals my possessions, I am not covered without the proper policy.
Someone visits me and injuries are received due to a trip and fall accident, I am not covered for medical bills and liability protection in the event the injured person decides to sue me.
I made a list of what I owned, when I bought the item and how much I paid. I listed these items with a picture and the sales receipt on most of the expensive items. This will help the insurance company if I ever have to use this information. This is the only fair way to get reimbursed for my personal possessions.
My condominium association was only looking out for my best interests. I now feel secure in knowing that my investment is protected.