You are about to purchase a condominium, also known as a condo. You need insurance, specifically a condo insurance policy that is designed for your needs as a condo owner. A condo differs from traditional homeownership. In a condo, you basically own what is in the inside of the walls. You have a common wall with any adjoining owners. The rest of the condo complex is the common area, which is the property of the condominium association. As an owner, you are part of that association which will have a master policy. You need to know what the master policy covers, and what it does not. Your insurance agent will make certain that your policy provides you with protection beyond the parameters of the master policy.
Someone comes to visit you and gets hurt. You need personal liability coverage and medical payments. You could be liable if the injury occurs within your unit. Medical coverage will pay your guest’s medical bills, and if it is determined that the injury was your fault due to negligence, the liability coverage will take over. Your insurance company will handle the claim, and if it goes to court, the company will pay for an attorney to represent you.
Your condo insurance policy needs to protect your interior walls and fixtures such as bookcases that are part of the wall. This assumes that the master policy does not cover them. Again you need to know this before purchasing your insurance.
Finally, you need the protection of your personal property located within the unit from perils like fire and theft. Make sure you get replacement cost, so you can have the money to purchase the items new at their current price. Make a list and take pictures of your belongings, and keep this proof in a safe and secure location.
The benefits of insuring your condo are many. You have protection against a personal injury claim by a guest. You do not need to worry about a fire that could start in another unit and spread to your property, causing total loss of your personal property. This insurance is a necessity, and no owner can be without a good policy.
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