There are many insurance policies available for condominium owners. Condo insurance is sometimes different from home insurance in that it may not protect your actual unit (the structure) if your condominium association is the one responsible for insuring the building. However, that insurance policy generally never protects a condominium owner from property loss and personal liability. Condo insurance is made specifically to protect condominium owners from these risks.
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Deciding on insurance for your condo can be a tricky business. Your first step is to discover what is covered by the your condo association's insurance. Most associations have a master policy, but coverage under these policies varies widely. Some policies cover only the structure itself, including walls, floors, roofs, elevators, etc. They do not cover your appliances, carpets, cabinets and any improvements you have made to your unit. Other polices include the structure itself as well as fixtures in your unit and improvements. Still other policies cover the structure and everything in your unit except your personal property.
No matter how much your association's policy covers, you might decide that you want your own insurance. This is especially likely if you feel that your appliances or the improvements you have made are worth more than the association's policy will pay.
A typical condo owner's policy will cover things not covered by the association's master policy, such as the value of improvements that you have made and any losses not covered because of the master policy's deductible. The association's bylaws will spell out just where the association's liability stops and your liability begins. Be sure you understand these rules before you buy a policy.
If you decide that the association's policy is sufficient for your condo itself, you may still want to insure your personal property, such as clothes, jewelry, computers, and other electronic equipment. You can purchase reasonably priced coverage that will protect you from losses due to fire, theft, smoke damage, vandalism, and many other hazards. Some policies cover loss or damage to your personal property both at your condo and anywhere else in the world. Most policies also cover the personal property of guests who may be visiting your condo.
Your insurer will typically reimburse you standard amounts for different types of personal property. Your agent can provide you a list of these amounts. It's a good idea to make an inventory of your property and keep it someplace other than your condo. If you own some unusually valuable items, such as expensive jewelry or high-end computer equipment, you can add a rider to your policy that will cover these things for a small additional cost. If you have items like these, keep receipts for them and take pictures of them, and store these records in a safe place outside your condo.
Your policy may also include liability coverage for visitors who might be injured at your condo. Liability coverage may also cover damage that you, your family members, or your pets may do to common areas in the building or grounds. For example, if you accidentally burn down a picnic pavilion when you are having a cookout, your liability insurance may cover the cost of replacing it.
If you work from home, you may also need additional insurance. Check with your agent if you plan to operate a home-based business. Most insurers charge a small additional amount for adding a home-based business to your policy.