All too often we find a situation where a Condo unit owner lacks coverage on their unit....because no one forced them to buy it. Unlike a home, where the mortgage company mandates insurance to protect their interests, that does not happen on a condo. The master policy of the association provides coverage for the building, which is the collateral on the loan. Of course, coverage is necessary to protect the contents, as well as the building property not covered by the master policy. This would include upgrades or improvements. For example, if the kitchen has been remodeled, it is your responsibility to insure the upgrades. Also Liability is a key feature to protect medical expenses that may be incurred to guests of your home. A condominium policy can be a very inexpensive way to provide peace of mind in protecting your Condominium home investment.
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