What Does Condo Insurance Mean?
Condo insurance insures the interior of your own unit, including any personal property inside, any losses that the condo association may find you liable for, and any other living expenses incurred if you are forced to move out. Since you cannot be held responsible for damages occurring to a condo exterior, all that is covered by your condo’s master policy. Typically, condo insurance covers everything that a condo’s master policy doesn’t cover.
Condo insurance provides coverage for condo unit owners. Your condo’s master policy does not cover the personal property stored in your individual unit and the interior of that unit itself, but condo insurance does. If there was a fire (which you are not responsible for) in the condo premises that spread to your unit and gutted it, your condo’s master policy will not cover you for the damages your unit and your belongings sustained. Conversely, if a fire started in your unit and spread to other units, damaging the condo’s exterior, you will be liable for damages to the condo. Condo insurance protects you in both cases, paying for your personal losses and protecting you from liability. If the damage to your condo unit forces you to move out temporarily, condo insurance can also cover expenses such as hotel bills or rental bills.
Naturally, if you own many expensive valuables, or if the unit you own has an extremely high value, you should consider picking up condo insurance to guard your finances. Particularly, if the condo unit you live in is old and worn down, a condo insurance policy will cover you for any potential damages stemming from structural failure, which a condo’s master policy may not. Some condo master policies are ‘single-unit master policies that cover the fixtures in your condos like wiring and plumbing, so you will need to check your condo’s master policy to be sure.
As long as you have all the necessary information on hand, such as information about your condo, its master policy, your belongings, and your personal information, the process will not take too long. Ultimately, an exact duration will depend on the insurance company you choose to go to.