Many condo owners aren’t really aware of the types of condo insurance and condo coverage that they truly need. When purchasing a condo you should be aware that different condominiums will come with different types of master insurance policy already included in the cost of their association fees and maintenance fees. Some condominiums will only have insurance for the actual structure of the building, while other condominiums may have more comprehensive insurance coverage.
Before you attempt to purchase coverage of your own, you should look through your association’s documents to ensure that you aren’t duplicating coverage that you already have. While you will usually need to obtain a full insurance policy for your condo, it is possible that your condo will already have coverage for certain items. The only way to know is to ask. Even if your condo does cover some internal structural items or events such as fire and flood, you may still want to maintain your own policy in the event that the coverage that is offered is not sufficient for your needs.
For more information about the appropriate condo coverage that you need contact Aimpro, the insurance experts.