Pssst! Are you insured?!
A common mistake made by some condominium owner or renters is thinking they are personally insured by the Association's master insurance policy. The Association's master policy has limitations and a large deductible. If an owner does not purchase a Condominium Owners Policy or a tenant does not purchase a Renters Insurance Policy, they could face a personal economic disaster. These type of policies provide coverage for their personal property and personal liability. Owners who have renters should make sure thheir personal policy covers loss of rent. For example, in the case of a fire, condo owners have found themselves displaced because their unit was not habitable. Under these circumstances, their Condominium Owners Policy would not only replace their lost personal property but would provide for the cost of their additional living expenses during the time they could not occupy their unit.
Condo / Renters Insurance Companies