Attention Condo Owners

You DO require coverage!!

I had lunch with an attorney friend last week. He has a new client. You don't want to be his new client. The client is renting her condo. The woman who is discontinuing her lease of the condo, has told the condo owner that she tripped and fell off the step between the garage and the home.

Ugh. The condo owner called this attorney. The attorney asked who her homeowner's insurance was with. She replied "I don't have any. I didn't think I needed any".

Condo owners - you are generally (check with your association for your specific condo bylaws) required to carry coverage for the "drywall in". Meaning just about everything that you can see with your eyeballs, you'll want to provide coverage for. And, as we see in the case above, you'll also be purchasing PERSONAL LIABILITY coverage via your policy. You can go as high as 1million and your annual policy is likely only a few hundred dollars a year. In addition to the million dollars in coverage, defense costs of a claim are provided with your policy.

You can pay $400/hour for a top notch attorney or pay $400/year for a condo policy... which do you think the client in this story would pick if she could pick again...

Don't go without.