If you own a condominium, you need condo insurance to cover your home and your belongings. It covers what is within the walls of your unit. Common areas of the building that are shared with neighbors, parking lot, lobbies, shared stairs and elevators are usually covered by the condo association’s policy. You can check your condo by-laws for details on what’s covered.
Condo coverage protects you for accidental damage to improvements that you’ve made to your unit that aren’t covered by your association’s policy, up to your condo insurance policy’s limits.
Your belongings are covered up to your policy limits for accidental damage or loss.
Your assets are protected from liability claims if you’re ever sued.
Questions to consider when deciding on condominium coverage limits:
- How much would it cost to replace my belongings in my condo?
- If I was sued, would my assets be covered?
- What amount would I need to cover my financial investment in case of disaster?