Condo insurance is for people who own living space in a condo. They don’t own the building, but they own the space in which they live. If you own a condo, then condo insurance is something you should consider. The coverage can protect you in case of flood, theft or personal injury.
It’s important to realize that the condo association probably has insurance coverage for the building. But that coverage does not include the private space of the tenants. As a tenant, you need to purchase insurance for your own personal space. For example, a visitor may slip and fall in your space. You will need liability coverage to receive financial help should that person sue.
Liability coverage covers medical bills that the injured person accumulates, and it covers other expenses such as lost work wages. Typically, condo insurance liability coverage goes up to $500,000 in protection.
If you own a condo, then you should consider this coverage. Remember, the association’s coverage doesn’t include your personal space. Your personal condo insurance covers damages that occur because of disastrous situations. It also includes vandalism and theft. This insurance helps you financially in your time of need.