Condo Insurance

Don't assume that it's covered in your homeowner dues. Condos require a special type of insurance.

You should always read over the homeowner's association policy to see what's covered and what's not covered when shopping for insurance on a condominium.

The association insurance will typically cover the building in the event of disaster, damage, etc. If you think it covers you : Think Again!

Here are some things to make sure you obtain when purchasing condo insurance :

Theft coverage
Contents insurance
Vehicle contents (covered while parked at condo)
Sewer / Drain backup coverage
Collectors items and jewelry

Usually a condo policy will cover from the "drywall to drywall". Typically, you'll have to estimate all the contents of the condo including the cabinets, fixtures, and personal contents. The main policy held by the association will usually only cover the main structure of the building (the shell).

Condominium insurance can cost as little as $100 per year with a mid level deductible. It's definately worth getting.

Related Article: Homeowners' Insurance Explained >>