Condo insurance is not like a standard homeowner’s policy. The Condo association usually covers the building structure and common areas, but what about potential structural damage to your unit and covering personal items? Without a personal condo insurance policy, you could be left self insuring.
Most condos need two insurance policies. The master policy (generally provided by your condo association) usually covers the physical structure of the building, including basement, roof, walls, elevators, lobbies, etc. Most of the time, coverage includes both physical damage and liability. You need to get a copy of the policy to know what’s covered. Each policy is different.
Once you have a copy of the master policy, then you will know how to purchase your personal condo policy. This will cover additional structural damage to your unit that is excluded in the master policy. Some examples of what may be excluded by the master, but could be covered with the personal are: cabinets, fixtures, interior drywall, etc. The personal policy will also cover living expenses if your condo becomes uninhabitable due to a claim and personal liability.