Condo Homeowners Insurance, Save-On Insurance
As a condo owner, you may already know that the association has insurance. So you may ask yourself, why do I need insurance? Your association insurance only covers the condominium building, liability insurance for the association and commonly owned property. What it does not cover is losses to your condominium, such as water damage ruining hour furniture, burglary or if someone was to injure themselves in your home. This is the reason why you should have condominium insurance.
As far as what your condo insurance policy covers depends on the condominium association and state law, for which building component are covered under the association’s master policy. For the most part, you will be held responsible for the interior walls and maybe for your fixtures. In addition, you may be held responsible for your own person property and liability exposures. At this point, your own personal condo policy would come in and take care of anything else.
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