Owning a condo offers you the benefits of owning your own place without a lot of the hassle. It can be a great middle ground, as the condominium association handles much of the maintenance and lawn care. 

You do still need to maintain home insurance, though condominium insurance is a bit different than regular homeowners’ insurance. Here’s what you need to know. 

Why Get Condominium Insurance? 

While your condominium association will insure the building itself, you still need insurance for the interior of your home and your personal property. 

If someone breaks into your unit, you want to have coverage for anything that gets stolen. Water damage (usually due to problems with your dishwasher, washer, or plumbing) is another concern. Condominium insurance will help make sure you have that kind of coverage. 

Condominium insurance also helps with liability issues. If someone falls and gets hurt outside or in the hallway, the association is responsible. However, if someone is injured inside your unit, you are responsible, and that liability can be significant. 

What Does Condo Insurance Cover?

There are several sections of your condo insurance policy, and they all cover different things. Understanding each portion is essential so that you can make sure you’re fully covered. 

One portion covers damage to the interior of your unit. Oftentimes, even in case of a fire, the condominium association only covers the exterior walls. 

As a result, you need coverage for things like: 

• Fire 
• Lightning or Windstorms 
• Smoke 
• Vandalism or Theft 
• Accidental Discharge of Water 

This type of coverage provides funding to repair or replace many things, including your condo’s wiring, plumbing, drywall, and especially your personal belongings. 

In some cases, you need specific coverage for certain concerns. Flood insurance is not included in condominium insurance, so if you’re in a flood zone, you’ll need to purchase it separately. You may also need specific additions to your policy for valuable items such as wedding rings. 

Get a Quote for Condo Insurance Today 

If you currently own a condominium or are thinking of purchasing one, it’s important to make sure you have proper coverage. For help with your insurance or any questions, contact Gustafson Agencies today.