While your homeowners association (HOA) insures the building and its common areas, your unit (its interior and all of your belongings) is yours to protect. When you imagine the prospect of replacing all your belongings after a home burglary or rebuilding your interior from scratch after a fire, it's clear you don't want to face those costs alone. Your policy through Esurance helps cover the cost of repairing or replacing items following a covered incident.
In addition to your belongings and the interior of your condo, your policy can also cover:
- Additional living expenses if a covered incident temporarily forces you out of your unit while repairs are made
- Your personal liability, so if you're ever facing a costly lawsuit, condo insurance helps pay your legal fees (and the injured party's medical bills, if need be)
What about common areas?
Though your HOA foots the big bills when it comes to building damage, you could be on the hook for some common area repairs in certain instances. Condo insurance could help you avoid paying out of pocket by pitching in to cover your share of repairs to a common area following a covered incident.