Insurance

One of the benefits of living in a condo is that you don’t have to think much about homeowner’s insurance. In most cases, you don’t have to shop for homeowner’s insurance and you don’t have worry about writing a check for insurance. This is because your association dues very likely include insurance to protect the structure and grounds from certain hazards such as fire, disaster or lawsuits.

Of course, if you wish to insure your personal property, this is not included in the association’s over-arching policy. If a fire destroys your building, the association’s insurance will rebuild or pay a claim to rebuild the structure. The condo association’s policy will pay to replace furniture destroyed in the common areas. But the condominium association’s insurance will not replace your belongings.

A condominium owner can buy insurance for personal property and certain personal claims of injury in the individual’s unit. This type insurance is very affordable and is not unlike “renter’s insurance”.