Why get condo insurance if you are already paying for insurance on your monthly dues? The insurance that you pay that is included in your monthly dues from the condominium association, only covers the common areas. This pertains to hallways, lobby, trash ducts and those that you usually share with the rest of the tenants. It does not cover what is inside your very own unit. You need to have a condominium insurance that will cover your uncalled for accidents or emergencies that my result in personal damage. It is the sole responsibility of the owner of the condo to have an insurance that will cover everything found inside the four corners of the unit.
You need to insure your furniture, electronic devices and valuable artworks and collections. The lighting, cabinets and all other items that are inside your unit have to insured and these are covered by the personal condo insurance. These items are not common to the other tenants and are your sole property and so they are not included in the insurance you are paying for in your monthly dues.
Why get a condo insurance if you are living on a secured condo? There are acts of God that you can include in your personal condo insurance that covers flood, typhoon and wind damage. And if ever you are required to leave your unit for repairing purposes then your condo insurance should also cover this. There is no such thing as a secured condo. What if there is a robbery or the unit above you has water problems and it leaked on your unit causing damage to you walls and other furniture? Who will pay for this? This is where the condo insurance comes in. They will cover these extra expenses for you.
There are a lot of advantages in having condo insurance and in summing it up, all the benefits of having an insurance to back you up is far greater than not having one.
You need the condo insurance for fire, smoke and accidental water leaks. You also need them for vandalism, robbery and theft. Having insurance may seem to be just a waste of money, but in the long run, it will actually save you more money. In condo insurance you have personal and liability coverage. What if something from your unit caused damage to other units, you as the owner of the unit is liable to the owner of the other unit. Repairs are very costly and every penny is valuable. If you are to shell out cash for other people's damages, it will really hurt your finances, and are all of these covered by your condo insurance? Yes. Why get a condo insurance again? Because if you do, your hard earned money will be saved from all the extra expenses that may come in case of unfortunate events that you have not planned. Personal liability is your protection from your action that might harm others.
So why get a condo insurance? Because you wanted a secured and trouble free life that can only be offered by condo insurance.