Whether you want to protect your unit's unique interior, safeguard your belongings, or have backup funds in case a communal area gets wrecked and you have to chip in, it pays to have your own condo insurance. Here are just a couple of instances in which it's good to have your own coverage.
Say you've just spent the day riding roller coasters at Cedar Point and return home to find out there's been a fire in your condo. Unfortunately, your homeowners association (HOA) coverage doesn't extend to your unit. So who pays for your temporary housing and meals in the meantime? Fear not — your condo policy helps pay for additional living expenses like a hotel and food while your unit is being repaired.
Say you or someone on your policy gets a bit too rowdy at a Buckeyes game and accidentally injures someone. Luckily, condo insurance helps cover their medical bills and even your legal fees (if the injured party unfortunately decides to sue).