With the popularity growth of condo’s in our country the need for condo insurance had grown. You may be asking yourself, “Why you should get condo insurance?” and “Doesn’t the condo association cover you?” The answer to these question is no they do not because the condos policies only cover the exterior structure of the building, the common property, and the condo associations legal issues.

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You as the owner are responsible for the interior walls and all of your property. After you have purchased your condo and are now in the market for condo insurance you should first check with the condo association to see what there master plan covers then you will know what you need to purchase on your own so that you are covered adequately.

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Most condo policies include person property loss coverage. This covers replacement of your personal possessions such as furniture, appliances, electronics, clothes and other personal belongings. When you sign up for insurance it is always best to take pictures and have a written record of all of your possessions so there will be no questions at the time you need to file a claim.

Also it covers you for personnel liability coverage and this is necessary in the event a person is injured and there is medical expenses or property has been damaged and it is considered to be your fault. If it becomes necessary it will cover your court cost and legal fees. The policy should also cover your assets in the event you are sued.

Lastly your policy should have own loss assessment coverage because if your homeowners association does not have enough to pay for damages then your policy can contribute a portion of the cost. Always check to see if you need this coverage.

Like all insurance do your homework and get numerous quotes because rates can vary greatly. Make sure the policy covers your needs adequately so you can be one of the millions of Americans who are enjoying there lives living worry free in a condo.