Did you know that 61% of condo owners assume that the building or property management company’s insurance covers damage to their unit? Unfortunately, this is not the case. A condominium association insurance policy will only cover the structure of the building, not the individual units, you are generally responsible for providing condo insurance coverage for everything inside your units walls.
It is best to keep informed on what the condo building insurance covers and what condo insurance coverage you will need. The monthly condo fees help pay for the insurance the condo association needs for the building, common areas, and general building liability. Personal condominium insurance coverage is not included in those fees.