Condo Insurance

Liljenberg Insurance

Liljenberg Insurance

When you own a condo, you may think that you do not need insurance, since the condo association has a policy. However, the associations policy does not offer full coverage of your condo, including your personal belongings or any other upgrades or touches that you have added to your condo. That is why it is important that you look into a condo owners insurance policy to ensure that you are coverage in case of theft or loss.

What Are the Differences Between a Condo Owners or Association's Policy?

A Condo Association Policy covers your personal units interior and exterior walls, as well as roof and floors. Outdoor and other public amenities are also covered by an association policy. Your own personal unit, including any upgrades you may have made to your unit or your furniture and other belongings, will not be covered by an association policy. That is why you want to get a condo owners policy to fill in the gaps that are left by the policy that the association takes out.

What Does Condo Owners Insurance Cover?

Natural events, such as hail, fire, lighting, wind, tornados, etc., are covered by a condo owner policy. In addition, damage from theft or from other events, such as frozen or blocked plumbing lines, will also be covered. If you rent out your condo, such as for vacations, then your insurance can protect you in case of a property guests being stolen from.
While a basic condo owner policy does not cover flooding or earthquakes, you can get additional coverage to cover these eventualities. If you live in an area that is prone to these types of events, it is essential that you purchase this additional coverage. As long as the damage is not covered by the owner himself or herself, it will most likely be covered.
A condo is a great choice for a home, but it is important to purchase a condo owners insurance policy. Without it, you are putting yourself at risk for financial loss if something occurs. The premium paid out right now will be more than worth it in the long run.