lnsurance provided by a condo corporation covers the main structure and common areas but not your belongings. For instance, when it comes to unit improvement or loss assessment, this insurance is unlikely to apply. But if you have a separate policy for your condo, it covers your belongings.
Here are some other features that condo insurance covers:
Personal Liability This coverage protects you financially when someone in your condo is injured or if their belongings are damaged.
Replacement Cost ln the event of a claim, items would be repaired or replaced with no deduction for depreciation if you have condo insurance.
Additional Living Expenses This insurance covers your additional essential costs. For example, in such a situation that you are forced to leave your home due to an insured loss, your hotel stay and food expenses will be covered.
Loss Assessment Your condo insurance will provide you with protection if you are held financially responsible for any damages to the building or shared property area.