What is the Different Between Condo Insurance and My Building’s Master Policy?
Many people are under the impression that if they own a condo they do not need to get condo insurance because the building is already insured. This is a false impression as many buildings policies do not include the interior of your actual condo. The difference between your building’s mater policy and condo insurance policy is that the condo insurance policy will cover much more than the master policy does. Below are just a few things that are covered by condominium insurance which are usually not covered by your building’s master policy.
Theft & Vandalism
If your condominium is broken into or vandalized on the inside, the chances are your building’s insurance will not cover it. In order to feel save and secure getting condominium insurance is a must. With condo insurance you will be guaranteed that you are covered if a theft were to take place or if someone were to vandalize your condo.
Fire & Smoke
Another thing that your building’s master policy most likely doesn’t cover is fire damages. Most buildings insurance policies will only cover the exterior of the building. Anything that is inside your condo may not be covered in case of a fire or smoke damage. If you get an individual condo insurance policy you will know that if a fire does take place, you will be covered.
Windstorms
The weather in unpredictable, and if you live in a location where there are a lot of windstorms, do not think that your condo is safe. Your building’s master policy may cover the windows that are broken due to a windstorm, but they most likely will not cover the damage the broken glass did to your home. Again, having a separate condo insurance policy will ensure you get the coverage no matter what the case may be.
As you could see there are many cases where your building’s master insurance policy will not have you covered. To be on the safe side it is best to get your own condominium insurance policy. This will set your mind at ease knowing you will be covered in any of the events mentioned above.