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Purchasing Insurance for Condominiums

The first step of buying condo insurance is asking your condominium association about what parts of your unit their insurance covers and what your accountabilities are. Insure these portions adequately to cover possible replacement or repairs that will not be covered by the said association.

Create a list of what your condo unit contains, such as decorations, appliances and your personal belongings. In general, these items are not covered by the policy of your association and are completely your responsibility. Now, estimate the average cost for replacing those items. Don’t estimate their prices, but rather the amount of money needed for buying new items. If you purchase condo insurance, account for the cost and effort of replacing them.

You also need to buy liability insurance. Policies of condominiums don’t cover your unit or the occurrences inside it. In the event of an accident, you will probably be held accountable for sustained injuries within your unit or any damage done to other units or the condominium building itself. Pay a percentage of the damage cost if the coverage of your association will never fund the whole claim. Purchase insurance for your condo unit so that these costs will not be taken from your own pocket.