Condominium insurance, also known as condominium unit owners’ insurance, is a type of insurance policy that provides financial protection for individuals who own a condominium unit. Condo policies cover a condominium owner’s personal property and liability and any improvements or alterations made to the Dwelling.
Condominium insurance policies typically include coverage for the personal property of the condominium owner, such as furniture, appliances, and other household items. They may also provide liability coverage to protect the owner from financial responsibility if someone gets injured on the premises. Some policies may include additional coverage for temporary living expenses if the unit becomes uninhabitable due to a covered loss.
Condominium insurance policies may also include coverage for certain types of improvements or alterations made to the unit, such as installing new flooring or adding a deck. The cost of condominium insurance will depend on several factors, including the location, value, and age of the unit and the type of coverage selected. It is crucial for condominium owners to carefully review the terms and conditions of their insurance policy to ensure that it meets their specific needs and provides the necessary coverage.