When you own a condominium unit, you have made one of the most significant investments of your life. Most condo complexes have associations and association dues that cover a great deal, including care of the grounds and some basic insurance.
However, these fees won’t cover your personal effects, property, or theft. That’s why it’s a good idea to have condo insurance in order to protect your valued asset.
What Amount of Condo Insurance Do You Need?
It’s important to understand what your association fees cover as far as liability and insurance are concerned. Some condo units will have more coverage than others against damage and liability. It is important that you obtain a copy of the condominium bylaws to determine what your insurance coverage gaps are.
What Condo Insurance Covers
While homeowners or condo insurance will not cover everything, it’s important to have this level of coverage because it will cover damage due to
- Fire or lightning
- Hail or wind
- Plumbing breaks due to freezing
The value of your condo is one thing, but it’s important to include the value of all of your personal items, such as furniture, electronics, jewellery, and more.
You want to make sure that you understand the full details and scope of what condo insurance will protect against.