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Condo Insurance for Condo Owners
A condo is the same as a condominium. So when you hear the word “condo,” understand that the person is talking about a condominium. A condo is a large building in which tenants buy living space. The tenants own their space, unlike an apartment which is usually owned by a landlord. Since tenants own their own living area, it is wise to have condo insurance.
Condo insurance is property and casualty insurance. It covers belongings in a condo and the space from damage or loss by perils, including fire, wind and rain.
Condo insurance is for people who own a condo. If you live in a condo, then you need insurance to protect your belongings. You also need liability protection, just in case someone is hurt in your space and decides to sue. If you rent your condo to a tenant, then you may still need a condominium insurance policy.
Condo insurance works like typical property/casualty insurance. When your condo sustains damage from a covered event, you file a claim with the insurance company. If the claim is valid, then you will receive payment from the insurance company.
The coverage you need depends on the condo master policy the building owner or homeowners association has. If the building owner or association has an all-in policy, then it will cover everything that goes with the unit. In that case, your personal policy needs to cover your personal belongings. On the other hand, if the master policy is a bare-walls policy, then your policy should cover everything inside your condo, including the wiring and pipes.
If you own a condo, then it’s in your best interest to have insurance coverage. Accidents can happen at any time, especially when you live in close proximity to other people.