Every condo association insures the condominium’s building structure. However, these policies rarely protect individual condos. Specifically, they don’t cover personal property or protect you from liability risks. To avoid unexpected expenses, you’ll need your own condo insurance. Here’s what you need to know about the two types of coverage offered by insurance companies in Connecticut.
- Personal Property Coverage – If your personal items such as clothes, furniture and electronics are stolen or damaged, the association’s condo policy won’t do you any good. Their insurance will not cover the costs for replacing your items. However, personal property insurance will cover the cost of the contents in your condo.
- Liability Coverage – Whenever you have someone in your home, an accident or injury is always a possibility. A neighbor could trip over a rug and sprain an ankle. A technician could fall off a ladder and suffer a back injury. In any case, the person can file a law suit against you, requiring you to pay all the medical bills. Liability insurance offers financial protection in situations like this, so you don’t have to pay any out-of-pocket expenses.
There are insurance companies in Connecticut that will insure your condo. You’ll get the protection and peace of mind that you don’t get with the standard condo association insurance policy.