Condo insurance

Condo insurance provides financial protection against disasters. A standard policy insures the condo itself and the things you keep in it. Condo insurance also covers your liability or legal responsibility for any injuries and property damage (other than professional or motor vehicle related liability) you or members of your family cause to other people.

Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and you need either an endorsement or separate policy for earthquake coverage. Maintenance-related problems are the condo owners responsibility.