Condo insurance covers your personal belongings and the interior of your structure — from the walls in. This includes countertops, cabinets, flooring, as well as personal liability coverage and temporary living expenses in the event of a covered loss.
Your condo association will carry a master insurance policy that covers the things they’re responsible for, including the grounds, common areas (such as hallways and elevators), and the outside/physical structure of your condo. In most cases, your personal property and the interior of the condo aren’t covered by the association’s insurance policy.
Items such as clothing, electronics, furniture, appliances, tools, and power equipment are all covered up to a certain limit by condominium insurance (even if they're not physically in your condo). You may require an insurance rider to cover jewelry, art, and other expensive items.
Example: Your roof leaks and thousands of dollars' worth of clothes, furniture, and other items are damaged. Most condo association insurance policies won't cover your personal property unless you can prove negligence. Your condo insurance may cover these items.
Personal liability insurance may cover you if you're responsible for someone else's injuries or damages to their property. You can also add extra coverages for libel, slander, or other lawsuits.
Example: A friend you invited over slips and falls inside your condo due to a slippery carpet you knew about and breaks their leg. If they sue you, your policy can pay for their medical bills and lost wages due to injury.
If your condo is damaged due to a covered loss, and you're unable to stay there during repairs, your additional living expense coverage can pay for hotel stays and meals (above what you'd typically pay).
Example: Your condo is damaged in a fire, and your two-week hotel stay costs $2,000. The bill will be covered, as well as meal expenses above your usual food costs. Be sure to keep any receipts as proof for your claim.
Is condo insurance required by your HOA (homeowners association)?
Requirements will vary per HOA, but a condo insurance policy may not be mandated by your condo association. They may require you to pay dues to help cover the HOA’s master policy. Note that you will need condo insurance if you’re financing your condo.
What if I’m renting a condo?
Just like if you’re renting an apartment or home, it’s wise to carry renters insurance even if it’s not required by your condo association or landlord. Renters insurance is generally affordable and can cover your personal belongings as well as liability claims if you’re legally responsible for someone else’s injuries or property damages.
What’s the difference between condo insurance and homeowners insurance?
Like homeowners insurance, condo insurance covers your belongings, injuries on your property that you are liable for, and temporary living expenses. The main difference, however, is that damage to the outside of your home, including exterior walls and garages, won’t be covered under condo insurance. Also, your condo policy may not offer liability protection against injuries in the common areas (hallways, parking lots, etc.) of your condo complex.
Are townhomes insured like condos?
If you own a townhome that requires membership to a condo association, you may be able to cover your property with a condo insurance policy. However, if you're responsible for your townhome's exterior, you'll need a homeowners policy that insures your unit's interior and exterior.
The Shaw Crosby Insurance Brokerage will help you set up a top-notch condominium insurance policy at a great rate. On top of that, you'll have access to our highly trained service agents. They love to chat about condominium insurance (a rare breed, to be sure!) and they'll be happy to help you make a change to your policy or answer any questions you may have. Call 1-855-498-0515 for help with a specialized policy.
The articles of the condominium association and state law determine exactly what's covered under the association's master insurance policy.
In most cases the association's coverage stops after the exterior walls meaning that you are responsible for the interior walls and possibly for fixtures, as well as your personal property and liability. This is where your own personal condo policy would come in. Most policies will include coverage for losses arising from:
Keep in mind, coverage offerings may vary by state.
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