Condo insurance

Got a condo? Concerned about what is covered and what’s not? Check with your condo association.

They should have a policy covering your building and grounds and the liability within those grounds or common areas. Make sure you know exactly what that means, as it might not include your roof, or any wonderful changes that the previous owner did to jazz up the place. Then you have to kick in for the non covered parts, like your interior walls, and all the “stuff in the house”.

Look for an individual unit owner’s policy or HO6 policy covering your furniture, clothing, etc., any kind of improvements you have made to your condo, any liability within your four walls, plus the ancillary expenses you might incur if there is a fire, or tornado and you have to live elsewhere for a term.

There are also riders you could add on to make sure you will not be out of pocket in case of disaster. Say there is a fire in the elevator of your building. The association may say you have to pay a part of the clean up and repair. A rider with a deductible may then cover what you are assessed. Think sewers and drains as well…make sure they are either in the condo’s policy or a rider in yours.