Get Insurance Coverage for Your Condo or Apartment
Condo insurance is coverage for a person who owns and lives in a condo. The corporation that owns the building should have an insurance policy for the exterior and public spaces. However, that policy isn’t for the internal unit in which you live. You’re responsible for getting insurance to cover your private space.
If you suffer a loss that the main insurance policy does cover, you’ll have to file a claim with the owner of the building. But if the damage or liability exceeds the main policy, you’re responsible for the remaining costs. So if your space needs repairs that exceeds the condo’s main policy, you’ll have to pay a loss assessment fee.
Renters insurance also provides coverage for someone who lives in their own area without actually owning the property. A person who rents an apartment or house can benefit from renters insurance.
The coverage provides protection for personal belongings inside the apartment or house. There’s also coverage for liability, just in case someone makes a liability claim.
Both policies cover incidents such as theft, vandalism, and fire. As long as the damage is caused by a covered event, then the insurer will provide compensation. Events such as earthquake and flood aren’t covered. If you want coverage for those events, you’ll have to speak with your insurer.