You own a condo and the association has insurance. So why do you need insurance, too? Your condominium association insurance covers the condominium building, commonly owned property, and liability insurance for the association. But that insurance doesn't cover losses to your unit as a result of a burglary, if water damage ruins your living room walls, or if someone slips on your wet kitchen floor and is injured. That's why you need condominium insurance designed specifically for condo or co-op owners.

Condominium policies protect you from losses to your personal property and the interior of your unit. You will also have liability protection for bodily injury or property damage to others. It's easy to get a quote for a condominium insurance policy that will provide these coverages.

The articles of the condominium association and state law determine exactly which building components are covered under the association's master insurance policy. In most instances the association's coverage stops inside the exterior walls meaning that you are responsible for the interior walls and possibly for fixtures, as well as your personal property and liability exposures. This is where your own personal condo policy would come in.

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