Many insurance providers offer optional coverage you can purchase for occurrences not covered by a standard condo insurance policy. For instance:

Loss assessment coverage

If your condo association issues a special assessment, in some cases this coverage may help cover your share. For example, if a fire damages a common area, this coverage may help pay for your part of the bill.

Flood insurance

Flood damage is typically not covered by a standard condo policy. Most flood insurance policies are issued through the National Flood Insurance Program. In some cases, you may even be required by your mortgage lender to purchase flood insurance, according to the program.

Umbrella insurance

For additional liability protection, you may want to consider investing in a separate personal umbrella policy. This kind of policy goes into effect when you reach the limit of your condo's liability coverage and can help you pay for large liability claims or judgments. It may also help provide coverage if you are sued for libel or slander.

Endorsements

Additional personal property coverage, such as scheduled personal property, is typically available for an additional cost. For example, while a standard condo policy typically caps coverage for theft of jewelry at $1,000 or $2,000, scheduled personal property coverage may provide additional coverage for those items. Scheduled personal property also typically provides coverage for additional risks.

When it comes to insurance for your condo unit, you should make sure you have the coverage that fits your needs. Your insurance provider can help you tailor a condo insurance policy that's right for you.