If you live in a condo, then your local Condo Association will handle most issues concerning insurance. And there is condo insurance for things that are your responsibility. The Association usually insures the outside of the buildings, the grounds and other public areas. But you are responsible for your own private area. Considering that, it’s a good idea to invest in condo insurance.
Most importantly, a condo policy will cover your personal belongings. Items like clothing, electronics, and appliances are at risk if you don’t have coverage. But the policy covers more than just personal belongings. You can get help with temporary living expenses should the condo become uninhabitable. You will also have liability coverage, that will help cover lawsuits and liability charges should someone sue you for damages. This also extends to damages caused by a pet or child.
You will have to pay a monthly premium and deductible. But it’s generally inexpensive, and affordable for just about any budget. The risk of not having coverage outweighs the cost of having a policy. If you live in a condo, it’s a wise choice to invest in condo insurance.