Condo insurance is
purchased to protect your personal belongings and any improvements that have
been made to your unit, in addition to protecting you in case you damage any of
the other units or if someone gets hurt while visiting your unit. While insuring
your condo is not mandatory, it is definitely something to strongly consider to
keep yourself and your belongings protected.
A common question that comes
up around Condominiums
Insurance in Bloomington is why
does a separate insurance policy need to be purchased when the condominium
building overall already has insurance? Here's the difference - a building
insurance policy (commonly called the shared insurance policy) typically only
covers the common areas, such as the lobby, elevators, and gym, but does not
cover an owner’s personal belongings.
