Do I Actually Need Condo Owners Insurance?

Yes, yes you do. Let us tell you why.

Because your condo board doesn't cover everything.

It's a common misconception that the condo board pays the insurance for your unit and you don't need to purchase insurance yourself. Mello condo insurance policies will cover you for the gaps that you don't get through your condo board. You will be covered for liability expenses up to $2,000,000 which covers you against bodily injury and property damage you may involuntarily cause to others.For example, if you accidentally start a fire in your unit that damages the adjoining unit, you can be legally held liable to pay for those damages and the condo board will come to you to pay them. The condo board also doesn't cover any improvements or renovations you make to the unit, your personal belongings, and they could have gaps in their policy for the building that can be covered by your policy. They can also assess a portion of payment for damage in common areas (ex. Gyms or lobby areas) back to you since you're an owner in the building.

Because your stuff is worth more than you think.

Trust us. Just take a moment and look around your condo. Note the big-ticket items: your TV, your clothing, your furniture, your video game consoles. Now imagine how much it would cost you to replace everything; dishes, linens, personal products, books, games, décor, the list goes on. The replacement cost under your Mello condo owner's insurance will replace all those items with like and same quality items at today's prices. Not all policies have "replacement cost" coverage so it's important to make sure you have this on your policy.

Because you have renovated your condo.

Another coverage included in Mello's condo insurance policies is unit improvements/betterments. If your unit originally came with carpet but you upgraded to hardwood floors, or you bought an older unit and completely renovated the kitchen, this coverage is for you. Your condo board's insurance will only build your unit back to the same way it was when the building was built; all those nice upgrades won't be included, and you will have to pay out of pocket to get them back.

If you're a Imperial Properties condo owner you can click here for a discount.