Much like your share of building damages, your homeowners association (HOA) policy doesn't pay for damages or stolen items in your condo. Here are a few instances in which having your own coverage could make all the difference.
Coverage in case of a burglary
If a thief breaks in while you're at work one day and makes off with your jewelry and other valuables, your HOA won't pay for anything except possibly a new lock on your front door. Fortunately, condo insurance pays to replace your stolen items.
Protection from property damage
Say a friend gets a bit too excited during a Huskies game and smashes your TV doing a halftime dance. Sadly, your HOA won't pay to replace damaged personal belongings in your condo. The good news is, your condo policy will.