Do you live in a condo? If so, do you have condo insurance for your belongings? You should. Your condo association has an insurance policy, but it doesn’t cover your belongings. The association’s policy is for the exterior of the building and other public areas. Your space is your responsibility. In other words, you need condo insurance to protect your living area.
A condo policy will cover everything within the walls of your condo. Your items such as clothing, electronics, appliances, and furniture are covered by the policy. But you might need additional coverage for expensive items such as rare artwork and jewelry. Also, check to see if your policy covers damages from natural disasters like earthquakes and tornadoes. In the event of a natural disaster, the association’s policy might cover damage to fixtures, plumbing, and wiring inside your condo. However, you should check to make sure.
The amount of coverage you need depends on the value of your belongings. Make an inventory list that includes the value of your items. You can then determine how much you’d need to replace or repair items. There are limits on how much you can claim. For instance, you might have a $3000 cap for appliances. And once you’ve reached that limit, you can’t claim more until a certain period.
Before purchasing condo insurance, speak with your condo association. Find out what the main policy covers. From there, you can determine what type of coverage you need.
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