Are You Covered by Your Association's Condo Home Insurance?

Your condominium association insurance will protect you if something happens in the public areas of the building. When you live in a condo although the association has insurance, you need insurance too. Condo home insurance protects you in the event of a robbery in your unit or if a guest in your condo trips and falls causing injury to their person. Today it is as easy to get quotes online for condo home insurance as it is to receive quotes on other types of homeowner insurance policies.

Your condo home insurance provides you with the coverage such as water damage from a roof leak that ruins your living room walls. While the insurance of the association protects the exterior of the building, your condo insurance policy protects the interior of your unit, your personal property and any losses you may incur. Not only is the structure of the interior of your unit covered, you also have liability protection for bodily injury or property damage to others.

But there are a few things you should do before you buy condo home insurance to be sure you get the best coverage. First discuss the type of insurance you need with your condominium association. You need to be sure of where your insurance responsibility begins and ends so that you can be sure to purchase adequate coverage.

In addition to the structure of your unit, you personal possessions or the contents of your condominium are your responsibility to insure. Take an inventory of all of your belongings and total their value. Be sure to check with your insurance agent if you own high-tech equipment such as computers or satellite dishes: many insurance companies require that these items have special coverage.

Keep in mind that the condo insurance policy of the association will not provide any liability coverage for your unit or any person who visits or lives with you in the unit. These are your personal exposures and your condo home insurance liability coverage should be in accordance with the number of assets you possess, the typical range is between $300,000 to $500,000 but in cases where the individual has many assets it can be more.

Be sure to compare the rates of condo home insurance to get the best deal and as your assets increase make sure you update your insurance coverage so that you will not be under-insured and vulnerable to a lawsuit.