Condominium (condo) insurance is a specialty policy that meets the specific needs of condo unit owners on top of their association policy.
While your condo association's insurance covers the building itself and the surrounding property, most policies will not protect your personal property or anyone inside your unit. That's why you need your own condo insurance policy to protect:
Your personal items and belongings inside the condo.
Personal liability protection when others are injured in your unit.
Repair/replacement of improvements you have made to your home..
Condo insurance can provide protection, specifically, against:
Disasters, including windstorms, fire, lightning
Accidental Water Discharge
Special assessments made by the association to all unitowners due to losses that exceeded the association's insurance protection.
There are several basic elements to condo insurance. First of all, your personal property will be protected, as well as the interior of the unit itself. Additionally, you'll have personal liability protection for injuries that others suffer inside your condo or property damage you cause to others.
Without condo insurance in place, you can be exposed to major risks as a result of repairs or costly lawsuits. Too man condo owners find out the hard way that the association insurance policy doesn't provide the critical insurance they need, leaving them vulnerable for costly repairs.
The overall cost of Condo Insurance can vary depending on a few factors.
A major factor in the overall cost of condo insurance is the construction of the building that contains your unit. In addition, the value of what you are responsible for whether it be the upgrades made to the "standard" unit, the replacement cost of your furniture and clothing, and add the costs to replace the other personal property that you own to the calculation.