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As a condo owner, you’re purchasing a unit that is part of a larger building. Insuring the dwelling or structure of that building isn’t your responsibility as the condo association has a policy to cover that property.
However, the condo association’s policy stops where your unit begins. Your condo insurance is a type of homeowner’s coverage for the inside of your unit and its contents. Besides covering your personal belongings, it will protect things your condo association doesn’t insure, like your fixtures, flooring, or any modifications you make to the condo.
You need condo insurance if you belong to a condominium association. If you’re in the process of buying a condo, the association will verify that you have a policy that meets their requirements before closing the sale.
Anyone who owns a condo needs this type of coverage. Purchasing a unit is an important investment, and you need to protect this asset with the right insurance.
If you’re buying a condo with a mortgage you will be required to have condo insurance.
In the event of a fire, flood, or burglary, your personal policy will replace any stolen or damaged items. You will also get personal liability coverage that protects you from a costly lawsuit in case someone sustains an injury in your condo unit.