Condominium Insurance
Protection For Properties
About Condo Insurance
A condo insurance policy may cover personal property and liability, as well as any additions, alterations and improvements made to the unit that are the policyholder’s responsibility based on the condo association agreement.
Optional loss assessment coverage is also available to protect policyholder’s against certain assessments that may be levied by the association. They may also be compensated for additional living expenses incurred should you need to vacate your condo after a covered loss.
What You Need To Know
Condo insurance provides coverage for personal property and much more. For a few more dollars, one can elect to carry Full Value Personal Property which ensures that they are reimbursed full replacement value without regard for depreciation after a covered loss.
If they have upgraded cabinets or put in hardwood floors, condo building item coverage protects these investments. Be sure to consult your HOA agreement to determine what the Association policy covers and what you are responsible for. If common areas are damaged, the condo association may levy assessments against all the owners to pay the deductible on their association policy.
Various limits of loss assessment coverage are available. Be sure to consult the HOA agreement to determine the potential for such assessments.
A condo insurance policy also protects policyholder’s and their family members against bodily injury and property damage liability claims and any litigation that may result subject to the limits selected.
In addition, they can select medical payments coverage which will pay for medical expenses incurred by a visitor who is injured at the residence regardless of fault. Various limits are available.
What People Are Saying
FAQ
What does condo insurance cover?
Condo insurance can cover personal property, personal liability, additions and alterations you’ve made to your unit, additional living expenses if you need to vacate after a covered loss, and optional loss assessment coverage for certain charges levied by your condo association.
How is condo insurance different from homeowners insurance?
Condo insurance is tailored specifically to unit owners. Rather than covering the entire structure like a homeowners policy, condo insurance focuses on your personal property, your liability, and any improvements or upgrades you’ve made inside the unit. The condo association’s master policy typically covers the building’s exterior and common areas.
What is loss assessment coverage on a condo policy?
If your condo association’s master policy doesn’t fully cover damage to common areas, the association may levy assessments against all unit owners to make up the difference. Loss assessment coverage on your condo policy protects you against being responsible for those out-of-pocket charges subject to policy limitations.
Does condo insurance cover renovations and upgrades I've made to my unit?
Yes. Condo building item coverage protects upgrades like hardwood floors, custom cabinetry, or other improvements you’ve made to the unit. It’s important to review your HOA agreement to understand what the association’s policy covers versus what you’re responsible for. Coverage for upgrades must be added to a condo policy under real property limits.
What is full value personal property coverage on a condo policy?
For a small additional cost, you can elect full value personal property coverage, which ensures you are reimbursed the full replacement cost of damaged or stolen items after a covered loss without any deduction for depreciation.
Does condo insurance include liability protection?
Yes. A condo policy protects you and your family members against bodily injury and property damage liability claims and any resulting litigation, subject to the limits you select.
Can I get medical payments coverage on a condo insurance policy?
Yes. Medical payments coverage can be added to pay for medical expenses incurred by a visitor who is injured at your condo, regardless of who is at fault. Various coverage limits are available.
Informational statements regarding insurance coverage are for general description purposes only. Read our disclaimer.
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