Condo associations are typically responsible for insuring common areas, such as the building exterior. But as a condo owner, you may be responsible for items such as flooring, cabinetry, built-ins and similar features of your home considered to be a permanent part of your condo unit.
Have you made any upgrades to your unit, such as a kitchen remodel or bathroom upgrades? Keep in mind, in the event of a loss, your condo association is only responsible for replacing the property it’s required by the condo bylaws to insure, which may not include any expensive upgrades you’ve made. So if there’s a fire in your condo, it’d be your condo insurance that would replace your personal property and the additions you’ve made to the property.
Your agent can help you determine what you’re responsible for under the bylaws of your condo association and how much coverage you should have.
Example: If a pipe burst and damaged the wooden floor you just put in, your condo association might pay to fix the pipe (depending on what caused the burst), but they won’t pay for the damage to your floor.