Do I have to purchase Homeowners Insurance if I just purchased a condo in NJ? What are the pros and cons?
What does the Condo Association’s policy cover vs my own Homeowners policy?
Well, that’s a GREAT question. Read the bylaws, it varies wildly.
Some association policies only cover to the studs – you’re responsible for drywall/plaster, paint/wallpaper, carpeting, appliances, obviously your furniture & contents, etc. They don’t cover any LIABILITY inside your unit, either.
Also, they tend to have large deductibles – like $10,000 to $50,000 or even higher.
So, if you don’t have any coverage, and you have a $15,000 kitchen fire, there might not be ANY coverage under the master policy for you. Or they might pay $5,000 of it. I haven’t read your bylaws, or the master policy, so I have NO idea. You’ll have to do that.