Three Questions to Ask Before Getting Condo Insurance
Owning a condo isn’t the same as owning a house. It’s similar but you’re not responsible for things such as cutting the grass or making building repairs. Because of that, some tenants mistakenly believe they don’t need condo insurance. But the truth is people who own condos are responsible for their own unit. That means they should have condo insurance to cover their own personal space.
Here are 3 questions to ask when you’re considering condo insurance.
1. Does the Condo Complex have a Master Policy?
The owner of the condo complex should have an insurance policy for the property. That policy should cover the exterior of the building and common areas inside. If your condo has a master policy, it’s likely that you’re paying monthly dues.
2. What does the Master Policy Cover?
When you can answer this question, you can decide which type of coverage you need for your unit.
For example, the master policy might cover real property that’s included inside a tenant’s unit. But this would exclude floors, countertops, fixtures, and personal and items This type of policy is usually called a bare walls policy. If the master policy is an all-in policy, then that means just about everything inside the unit is covered – including walls, floors, and ceilings.
3. Can I Fill the Gaps Left by the Master Policy?
Condo insurance is specifically designed to meet the needs not fulfilled by the master policy. Condo insurance offers options for liability coverage and personal belongings.
Liability will help if someone is hurt while visiting your condo. It will also help if someone is bitten by your pet. As for personal belongings coverage, that gives you money to repair or replace stolen or damaged personal belongings.
Protect Yourself and Your Belongings
Living without condo insurance puts you at risk. There is likely a master policy, but it doesn’t provide the coverage that you need for your unit. If disaster strikes, would you have the funds to repair your unit? Or would you have the funds to replace or repair your personal belongings?
With condo insurance, you’ll get compensated for covered events.