People who live in condos often overlook the importance of condo insurance. Most don’t know it, but condo owners need insurance the same as homeowners. A condo carries many of the same risks associated with owning a home. The condo owner does have the benefit of building management, but that does nothing to protect the condo owner’s personal living space. That’s where insurance enters the picture.
Living in close quarters with other condo owners means there is a chance your home may be burglarized. Unlike a stand-alone home, no one would think twice about seeing an unfamiliar person on the property. With so many people living in condos, a visitor is hard to distinguish from an intruder. Condo insurance covers damage and stolen property that occur in a robbery.
This insurance will also cover damage from disasters including fire, smoke and water. Condos are likely to suffer this type of damage because neighbors above, below or beside you can cause the damage. You also have to remember that fire or floods can spread from one apartment to another. It’s in your best interest to protect yourself and your property.
Your concern is the inside of your living space. Your building should have a condo association that has insurance for the public spaces in the building. That insurance does not cover your personal space. Your personal space is your responsibility.