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Get The Best Condo Insurance Coverage

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Article 3 of 3 in Insurance for Renters, Landlord, and Condos

Condo insurance coverage provides protection for the unique aspects to living in a condominium that require different home insurance. Condo insurance coverage is tailored to meet the needs specific to condo ownership, so be sure to get the right policy for your condominium.

TIP: Condo HOA associations insure the building and common areas, but any damage to your unit and its contents are your responsibility. Get condo insurance coverage to protect your personal belongings and the inside of your unit!

Coverage Included in Condo Insurance Coverage

To determine your insurance coverage needs, carefully review your condo association's master policy, specifically the section that outlines what is and is not covered. This will tell you what the association will cover and alert you to any gray areas (such as the hallways and balconies) where you are unsure if your condo HOA will provide coverage. Reading the master policy will let you know exactly how to tailor your condo insurance coverage. Typically, insurance for condos provides home contents insurance to cover your belongings inside the unit. It also provides the following:

  • Dwelling Improvements, Alterations, and Additions - Condo insurance coverage provides coverage for damage to improvements you make in your unit for which your association's policy does not provide coverage. This could also include items that add value such as new flooring or new appliances.

  • Medical Payments to Others - This coverage is provided if there is someone injured in your unit. This is more of a one time payment for medical bills due to injury on your premises.

  • Loss assessment - Condominium insurance coverage also provides condo owners with a certain amount of protection against lawsuits against the HOA. If

    the HOA is forced to pay for damages, they can divide the cost amongst the condo owners in the form of a damage assessment. Typically, the condo insurance coverage protecting you from loss assessments is up to $50,000but this may vary depending on your policy. The best policy includes this coverage for no extra charge. Some policies require that this coverage be added as a rider. Ask your agent if this coverage is included in your policy.

  • Personal Liability - Personal liability coverage is included in all condo owner's insurance policies. It gives you protection against liability in and outside your condo. If someone is injured on your property or you damage property that belongs to others, you could be held legally liable for the injury or damage, and personal liability coverage will help by paying for the damages you are responsible for.

    TIP: Be certain that your condo owner's insurance policy covers any potential gaps in the master policy. You should review the condo association's master policy to be sure you understand your responsibility versus the responsibility of the condo association. If you have any questions,

    Condo Home Insurance and Personal Property

    Your personal property coverage is included in your condo home insurance and is designed to cover all the personal property inside your unit. This includes stereos, TV's, furniture, clothes, wall art, washer/dryer and all other appliances. Make sure the limit found in this section of coverage is adequate to cover ALL your personal possessions. If you should suffer a total loss (say due to a fire) you need to make sure that this amount restores you back to your original condition.

    Your condo home insurance policy protects your personal property against loss or damage from a number of specified causes, such as:

  • Fire or lightning

    Category: Insurance

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