Your Homeowners Association's (HOA) insurance policy is an important part (and sometimes a perk) of condo ownership, but their coverage doesn't protect your belongings or certain repairs within your unit, only common areas and the building itself. Here are some of the benefits of getting your own condo insurance.
Coverage beyond your HOA
Say a major storm tears the roof off your condo building or a burst pipe damages a common area. Repair costs could exceed your HOA coverage. But with condo insurance on your side, your share of the extra repairs is covered.
Relief from at-home disasters
If a covered loss like a fire renders your condo temporarily uninhabitable, your policy provides additional living expenses (like a hotel and meals for the time being) so you can keep up with your life while repairs are made to your unit.