CONDOMINIUM INSURANCE

If you own a condo or a townhouse, there are two things to remember when it comes to insurance: 1) Your condo association has a master insurance policy that covers the outside of the building's structure, including the roof and common areas such as pools and sidewalks; and 2) The master policy does not insure the inside of your unit or any of your personal belongings.

You need condo owners insurance to cover for additions, alterations, wall fixtures, floor and ceiling of your unit; your personal belongings; and personal liability.

All condo insurance policies are not alike. They pay varying amounts of coverage to replace your unit's wall coverings, flooring, light fixtures, carpeting and personal belongings.

Be sure to check the ownership responsibilities in the condominium association master deed. This will give you the minimum requirements the association expects from you. You will also want to consider coverage for any high value items such as jewelry, furs, or guns. It is important the amount of liability portion of your condo insurance covers all your assets and protects your future income.

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