Condominium owners insurance can protect you and your unit from the unexpected. If your condo is damaged, your belongings are stolen or someone gets injured at your home, it can help cover repairs or replacement, temporary housing, medical bills, legal fees and more.
A condo policy is recommended for anyone who owns a condo and may even be required by your mortgage lender. Your condo association may also have its own coverage requirements, which may reflect your community by-laws, rules, and coverage gaps in the association’s insurance policy (or master policy). And in certain areas, you may need separate policies or coverage to help protect your condo and personal belongings against damage due to floods, earthquakes, windstorms, or hail.
Most policies have 3 key elements: the premium, which is how much you pay for coverage, deductibles which are how much you’re responsible for out-of-pocket in the event of a covered claim, and limits which are the most your insurer will pay for a claim.
Condo insurance is coverage you hope to never have to use, but if the unexpected happens, it can help you restore your life back to normal.