Though your HOA's insurance policy protects the building and its common areas, their coverage doesn't include your unit — its interior or your belongings (like furniture, clothes, appliances, electronics, etc.). Here are just a few reasons to invest in your own condo insurance policy.
Damage and theft protection
If subzero temperatures freeze your pipes or you return home from work to find your condo's been burglarized, your HOA isn't obligated to pay for repairs or cover the replacement of your valuables. Fortunately, your condo insurance helps pay for both.
Additional living expenses
Say a kitchen fire gets out of hand and renders your condo temporarily unlivable. Who pays for your hotel bill and everyday expenses like food in the meantime? While your HOA doesn't have to put you up in a hotel while repairs are made, your condo policy covers the repairs and your interim living expenses until you can move back into your unit.