Do I need insurance if I live in a condo community with an HOA?

​Generally condo association insurance covers the condo building, commonly owned property, and liability insurance for the association.

But that insurance often doesn't cover losses to your individual unit as a result of theft. Nor does it cover water damage to your interior walls. And most importantly, it won’t cover the lawsuit if someone slips on your wet kitchen floor and gets injured.
 
That’s where condo insurance comes in. Like renter’s insurance, it’s designed specifically to cover homeowners from losses to personal property and the interior of a home, as well as liability protection.
 
Always check your individual condo policy to verify your specific coverage. Some condo associations carry insurance that covers additional items, including your home’s interior. So, it pays to double check; that way you don’t waste money for duplicate coverage.
 
Sample Scenario
A winter storm causes a tree to fall from your backyard through a part of your home. While standard condo association policies will cover the repair of your exterior wall, you would be responsible for the inside wall repair and any water damage that resulted from rain getting in through the tree’s damage spots. But with your own individual condo policy, these other items are covered as well.
 
In summary, don’t assume your condo association’s policy has you covered. Check with a qualified agent to ensure you’re adequately protected!