People purchase condos for several reasons- price, downsizing, or more. Regardless of why you own a condo, condo insurance can be a bit more complex than a traditional homeowners policy. Why? Because the policy should pick up where the association’s master policy leaves off. You want to make sure this is the case so there aren’t any missing coverages. For instance, your association’s policy may only cover the external walls, and your condo policy may only cover the inside of the unit. This can mean that the walls are not covered in the event of a fire etc. Typically, there is guidance in the association’s bylaws on who is responsible for what coverage. You want to make sure you are covered for the parts you may be held responsible for.
Why Do I Need Condo Insurance when the Homeowners Association (HOA) Already Has a Policy?
While your HOA may already have a policy in place, that policy is meant to cover the shared spaces such as your building, the driveway, the stairs, the garden, the roof, etc. This is typically the responsibility of the HOA. However, with many policies, what is inside of your four walls is all up to you to protect including all your personal belongings, electronics, collectibles, and more.
If I Purchase Condo Insurance What Will It Cover?
If your unit is burglarized, the HOA master policy will not pay for the replacement of your clothes, electronics, or anything else that was stolen. That said, your condo insurance typically will.
If one of your guests is injured in your unit, the HOA policy won’t pay for their medical bills. Your condo insurance typically will.
If an oven fire occurs in your kitchen or your bathtub overflows and floods your entire apartment, the HOA policy will not pay for your temporary housing. Your condo insurance typically will.
Hopefully, this answers the question as to why condo insurance is so vital. If it does not though and you have other questions, or you are all set and ready for a quote, please feel free to give us a call. We will get you connected with one of our wonderful agents, who are experienced providing condo insurance to our clients.
Condo Insurance – Frequently Asked Questions
- What is condo insurance, and how is it different from homeowners insurance?
Condo insurance (HO-6) covers your unit’s interior—including walls, flooring, built-ins, and personal property—as well as liability protection. Unlike homeowners insurance, it does not cover the building’s exterior or shared areas, which are typically covered by the condo association’s master policy. - What does a standard condo insurance policy include?
It typically includes coverage for interior structures (if required), personal belongings, liability, medical payments to others, loss assessment, and additional living expenses if you can’t live in your unit due to a covered loss. - What is loss assessment coverage and why do I need it?
Loss assessment coverage helps pay your share of a claim levied on all condo owners—for example, if a covered loss affects a common area and exceeds the condo association’s policy limits. - How do I know what parts of my unit I’m responsible for?
Review your condo association’s bylaws and master policy. Some associations cover “all-in” (interior walls and fixtures), while others cover only the bare walls, leaving everything else to the unit owner. - Does condo insurance cover water damage?
It depends. Sudden, accidental water damage (like a burst pipe) is typically covered. Damage from sewer backup or flooding requires specific endorsements or separate policies. - Does my condo insurance cover theft or break-ins?
Yes. Your personal belongings are typically covered for theft or vandalism, even if the event occurs outside your home—like in your car or while traveling. - Do I need condo insurance if the building has a master policy?
Yes. The master policy doesn’t cover your personal items, interior unit upgrades, or personal liability. HO-6 insurance fills those gaps. - Is my storage unit covered by my condo insurance?
Possibly. Many condo policies extend personal property coverage to storage units, but limits and exclusions may apply—especially for high-value items. - How much condo insurance do I need?
That depends on how much of the interior you’re responsible for and the value of your belongings. A licensed agent can help determine the right coverage based on your association’s policy and your unit’s features. - Can I bundle condo insurance with auto or umbrella insurance?
Absolutely. Bundling can save you money and simplify your insurance portfolio. Many insurers offer multi-policy discounts for combining home, auto, and umbrella policies.
