Three Basic Facts About Condo Insurance

Condo insurance If you currently own a condominium, you may be confused about whether or not you need to carry insurance on your unit.   You may have heard that your condominium homeowners association carries a master policy and therefore are not sure if you need to obtain personal insurance for your unit.  Following are three basic facts to help you understand why you need personal condo insurance.

Personal Liability

While it is true that your homeowners association carries a master policy, this does not cover any event that happens within your dwelling.  For example, if you have a party at your condo and someone falls down your stairs, they may decide they want to sue you.  Personal liability insurance on your condo would help cover events such as these.

Personal Loss

Your personal belongings are very important to you and it is hard to imagine losing them in the event of theft, fire or other natural disaster.  While having personal loss insurance might not bring back all of your personal belongings, it will provide you with the money you need to recover items such as your television, washer and dryer, computer, etc.  After a theft or natural disaster, the last thing you want to do is fork out tons of money to replace these items.


While each condo master policy is different, many of them do not cover the interior of your unit.  This is where dwelling insurance would be beneficial.  Condo insurance can help cover expenses if your cabinets and floors were damaged from an event such as a fire.

Be sure to obtain a copy of your condominium homeowners’ association master policy and discuss your personal insurance needs with your insurance agent.  They can help guide you in the right direction to make sure all your needs are met.