Your condominium insurance policy has several different sections that will cover you for various reasons so it is actually best that you familiarize yourself with them so that you can have a better understanding of exactly what it is that you have protected and what you will be expected to pay out of pocket. As with the case of any apartment or unit-style housing, there are certain things that will be covered by the building, and many which will not be– such as personal property and liabilities.
You have the lucky position of having the buffer of the building association’s master insurance policy, but that only means you should have a better understanding of what you absolutely need to take care of yourself. The policy should explicitly explain what belongings will be covered and up to what value. Liability and medical obligations are obviously another big one. Injured guests and any negligence of dangerous property under your control need insurance.
The building property section explains what is insured in terms of the physical unit. This will vary based on to what extent your building is willing to be responsible for, as well as for what they must absolutely cover for you. You should be ready to fill in whatever gaps there are.
And, as for loss assessment, this section is unique to condo insurance policies. It protects you from assessments imposed by the condo association for communal areas that exceed the insurance payout. If the association has insufficient coverage for property or liability, it may ask owners for the difference and loss assessment coverage protects you from paying it out of pocket.
This is why you must really review your condo insurance policy today and determine its value.