Condominium Insurance
A Condo policy protects you from losses to your personal property and the "interior" of your unit. Your Condominium Association covers the condo building and commonly owned property. But their master policy probably does not cover losses to your unit from claims related to burglary, water damage, or a liability claim if someone is hurt on your property.
You need to carry Liability Protection and Medical Coverage. If someone is hurt on your property you can and will be sued. We recommend $500,000 Liability and $25,000 Medical. The minimum coverage amount for Liability Protection is usually $50,000 and Medical is $1,000 but the premium difference is often minimal.
Your Association's master policy may not cover all claims relating to damages to your building. In these instances you may be assessed a proportionate share of the damages, meaning you will owe money because the Association's policy had a gap in coverage. To protect yourself, purchase Loss Assessment Protection. This optional endorsement is usually a cheap way to ensure the Association's gap in coverage does not fall to you.
Purchase an amount of coverage above and beyond what you need to protect your personal belongings. Depending on what kind of policy your Association has you likely are responsible for everything from the drywall inside. That may include carpets, ceiling fans, cabinets, toilets, lighting, other flooring, window blinds, and more. Be sure to buy adequate insurance to cover yourself.
