CONDOMINIUM INSURANCE: If you're thinking of buying a condominium, you'll likely have to join a condominium association. These associations have insurance, but what do they cover?
Basically, the association's insurance covers the condominium building, commonly owned property and liability for the association. But that insurance does not cover losses to your unit, such as those resulting from a burglary or water damage. It also won't provide liability coverage for injuries in your unit, such as if someone slips on your bathroom floor.
That's why you should consider a condominium insurance policy. This coverage can protect you from losses to your personal property and the interior of your unit, and it will provide you with liability protection for bodily injury or property damage to others.
Keep in mind that virtually everything you put in your condo - including furniture, personal items and so on - is your responsibility. You need to know the total value of these belongings so you can get the appropriate amount of coverage.
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