What does condo insurance really cover?

Condo insurance is recommended if you own a condo unit. Unlike traditional homes, with a condo, you don’t own the building or the land — you own your specific unit. While your condo corporation will have a master insurance policy, it covers what happens to the exterior of the building and common areas. It won’t cover personal use, repairs to your unit, or theft. It also won’t cover you if a guest is injured in your condo. Hence, having your own insurance policy can help in the event of an accident or fire in your unit. But what exactly does condo insurance cover? And more importantly, how much coverage do you need?

Here are a few tips about condo insurance, what’s covered, and how to save on your policy.

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