Although the condominium building has their own insurance to protect their interests you will need your own separate insurance to ensure you are covered in the event something happens. You’ll need specific coverage to be fully protected in your condo:
You’ll want your own policy to protect your personal property, any upgrades to your unit and personal liability coverage should anyone hurt themselves while visiting your unit.
You’ll also want to have loss assessment coverage. Just as you own your unit, you also own a share of the common areas like the lobby, roof, swimming pool, garden, etc.
It’s very important to know that if someone hurts themselves in a common area or if you or a visitor causes damage to a common area you may be held responsible. We highly suggest having insurance if you are a condo owner as it’s very important to protect yourself and your investment.