Condominium policies help protect your personal property and the interior of your unit. You will also have liability protection for bodily injury or property damage to others.
Condo associations have master policies that cover the property, common areas and the physical structure of your building. However, these master policies do not cover your personal property, customizations to your unit, injuries that happen at your place or lawsuits you may face. Condo insurance covers your interior walls, appliances, personal property and other valuables.
Steps to buying condo insurance:
Check your master policy to see if it's all-in, bare walls or single entity
Determine your liability coverage needs ($300,000 or more is recommended)
Calculate the value of your personal property and see if you need floaters.
Choose replacement value or actual cash value reimbursement.
Decide if you want flood, earthquake or sewer backup coverage.
Check your condo documents and add extra master policy deductible and special assessment coverage if needed.
*steps provided by www.insurance.com
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