My Home Owners Association says Buy Condo Insurance


My Home Owners Association says Buy Condo Insurance

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.

Why I love condo insurance

So you have finally got the condo that you have been desiring to buy for a long time. You may have searched for a long time and in a wide variety of locations to find one that is just right for you. Now comes the task of insuring your condo just in case there is a loss that happens.

Condo Insurance at a Glance

  • Condo insurance is much like home insurance except the condo association will have a policy for the basic structure of the complex. This may be referred to as a master policy.
  • Usually the owner is responsible for repairing from the studs in case of a total loss.
  • The owner will have to buy a condo policy to cover not only the inside of the structure but also their own belongings
  • The owner must also choose how much liability amount they need in case of a lawsuit.

Make sure to get the right kind of policy for your condo. After all, you do not want to have live in a house with no drywall or floor coverings. The reason why condo insurance is loved by a lot of people is because it takes care of repairing a persons home when nothing else will.