What Is Covered Under Condo Insurance?
Like a homeowner’s and tenant policy, condo insurance also has a liability portion which would protect you in the event that you are held financially responsible for unintentional bodily injury or property damage. Aside from this, here are a few coverages that are part of a standard condo insurance policy:
Unit Loss Assessment
There may be areas that all condo unit owners share such as the lobby, garden, or elevators. Since these areas are shared, all unit owners have some responsibility towards the protection of such facilities. This is where your individual condo unit owner’s policy would come in to cover expenses (up to a defined limit) in the event that your condo corporation’s policy is not sufficient in covering a major property or liability loss.