Condo insurance policies help you make sure your property, physical structure, common areas, and outside areas of your condo are protected. Your condo association has a policy in place; however, it might not provide enough coverage for things you are responsible for, as their policy’s goal is to offer protection to the association. Purchasing condo insurance outside of the association’s policy will guarantee protection for your belongings, any upgrades you make to the unit, injuries that happen on your property, liability issues, and other situations.

You should consider purchasing condo insurance if you own a property that has an association, such as a townhome, condominium or row home. Condo insurance is similar to Homeowner’s Insurance, but it is cheaper because your association already has some coverage which you will not have to pay for on your policy. If you own a home, you will need to purchase Homeowner’s Insurance, and if you rent a condo, you will need Renter’s Insurance. If you have questions about the different types of insurance and the insurance for your particular situation, speak to a licensed agent at Team Insurance to receive the information you need.

Depending on your condo insurance, the policy may provide coverage for the following situations:

• Protection for your personal belongings – your electronics, clothes, furniture, tools, appliances, and other possessions will be covered even outside of your condo. If you have expensive or collectible items, such as jewelry or art, you will need to purchase additional coverage for those.
• Protection for customizations and upgrades – any upgrade that you have made will be protected, such as granite countertops, hardwood floors, new kitchen cabinets, and other modifications will be protected. While your association’s policy will protect the original furnishings, you will need to purchase condo insurance to protect the upgrades done by you.
• Temporary living expenses – in the event you cannot live in your condo as a result of a covered accident, the insurance will pay the costs for your temporary living expenses and meals.
• Liability lawsuits and injuries – if you or your family member is responsible for someone else’s injuries at your property or damages to their property, the policy will offer personal liability protection. Additional coverage options allow you to include coverage for slander, libel, and other lawsuits.