Why is Condo Insurance important

• Coverage for Personal Belongings: Condo insurance protects the owner's personal possessions, such as furniture, electronics, clothing, and other belongings, in case they are damaged or destroyed due to covered perils like fire, theft, vandalism, or water damage.

• Liability Protection: Condo insurance often includes liability coverage, which can protect the owner in the event that they are found legally responsible for injuries to others or property damage that occurs within their unit. This coverage can help pay for legal fees, medical expenses, and settlements.

• Additional Living Expenses: If a covered event, such as a fire, renders the condo uninhabitable, condo insurance may provide coverage for additional living expenses. This can help with temporary housing and related costs while repairs are being made.

• Loss Assessment Coverage: In some cases, the condo association's master policy might not fully cover a shared loss or a deductible. Condo insurance can provide coverage for the owner's share of such assessments.

• Protection from Unforeseen Events: Condo insurance offers peace of mind knowing that you are financially protected in case of unexpected incidents. Without insurance, owners would have to bear the full financial burden of repairing or replacing their belongings and dealing with liabilities.

• Mortgage Requirements: If you have a mortgage on your condo, your lender may require you to have condo insurance as a condition of the loan. This is to protect their investment in case of a disaster that affects your unit.

• Cost Sharing: Sharing the risk with other condo owners can be more cost-effective than covering potential losses entirely on your own.