Condominium associations should carry an insurance policy that covers injuries and accidents in the condo’s common areas, as well as coverage for damage done to the building’s exterior. But that’s as far as damage or loss protection goes.
That’s why it’s important for condo owners to protect themselves with policies that cover the interior structure and content, as well as liability claims that may arise from injury inside their unit. Condo insurance can also extend coverage to any additions, alterations and improvements made to the unit that are the owner’s responsibility per the association agreement.
While standard condo insurance covers loss or damage due to specified perils in your policy, supplemental coverage to pay for any flood damage or protect valuable articles may also be considered based on personal need.