Yes, you still need condo insurance even if your condo association has a master policy. The master policy typically covers the building structure and common areas, but it may not provide sufficient coverage for your personal belongings, interior fixtures, or liability. Condo insurance fills these gaps and protects your personal assets.

• Dwelling Coverage: Protects the interior structure of your condo unit, including walls, floors, ceilings, and permanent fixtures.

• Personal Property Coverage: Covers your belongings inside your condo, such as furniture, electronics, appliances, clothing, and other personal items, from covered perils like theft, fire, vandalism, and more.

• Liability Coverage: Provides financial protection if you're legally responsible for injuries to others or damage to their property, both inside your condo and elsewhere.

• Loss of Use Coverage: Assists with additional living expenses if you're unable to live in your condo due to a covered loss, such as repairs after a fire or storm damage.

• Loss Assessment Coverage: Covers your share of certain assessments levied by the condo association for covered losses to common areas or shared structures.

The amount of condo insurance coverage you need depends on factors such as the value of your personal belongings, the cost to repair or replace the interior structure of your unit, and your liability risks. It's important to review your condo association's master policy and discuss coverage limits with your insurance advisor to ensure you have adequate protection.

Condo insurance premiums are influenced by factors such as the location and construction of your condo, the value of your personal property, deductible amount, desired coverage limits, and your claims history. Insurers also consider the condo association's master policy coverage and any additional risk factors specific to your unit.