Condo Insurance – Did You Know?

This article busts the top five myths about condo insurance. The first myth is that the condo corporation's insurance policy covers the unit owner's belongings, which is not true. The second myth is that condo insurance only protects personal belongings, but it also covers liability claims, additional living expenses, and even identity theft. The third myth is that condo insurance covers all personal items, including fine jewelry. Most condo insurance policies have a limit for jewelry, and additional coverage may be necessary. The fourth myth is that condo insurance covers all water damage, but coverage for sewer backups or overland water is often available as an add-on. The fifth and final myth is that rented condo insurance policies will protect the tenant's belongings, but tenants need their own tenant insurance policy.