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Condo insurance covers your unit's interior and your belongings inside. It also provides coverages for personal liability, loss assessment, living expenses if you can't live in your condo because of a covered peril, and even more.
Owning a condo isn't the same as owning a house, but you still need to protect your property. Condo insurance, also referred to as an HO-6 policy, helps you protect what is yours while your condo association carries insurance to protect the parts of the building that are considered common areas.
Why do I need condo insurance?
When you own a condo, you are responsible for the interior of your unit and any of your personal belongings inside. Condo insurance provides protection for all of those things, as well as providing personal liability coverage, loss assessment coverage, and other benefits such as living expenses coverage if you can't live in your condo because of a covered peril.
You aren't responsible for everything, though, and the type of condo insurance policy you should purchase will depend on what type of coverage your condo association master policy offers. A master policy covers common areas, the physical structure of the building, and often includes coverage for at least a portion of the interior of your condo, but it doesn't cover your personal belongings or some of the other structures in your unit.
For example, some master policies don't cover anything that was installed in the unit, which means cabinets, appliances, and other features wouldn't be covered, while other master policies cover everything that was in the unit when you bought it, so it is important to know the details of the master policy before purchasing your own condo insurance.
Your condo association can require you to purchase condo insurance as a condition of purchasing a unit in their building. Beyond that, if you have a mortgage on your condo, your bank will require you to carry condo insurance. Condo insurance mortgage requirements will vary based on state regulations and the individual requirements of your lender.
What does a condo insurance policy cover?
Condo insurance covers many of the same things as a typical homeowners insurance policy, including:
Homeowners insurance is typically more expensive than condo insurance because homeowners insurance covers the entire structure. The cost of rebuilding a house from the ground up in the event of a total loss is much higher than the cost of replacing only a portion of the physical structure in a condo, so the homeowners insurance will come with a higher premium to account for the additional costs.
What is the difference between renters insurance and condo insurance?
Renters insurance doesn't cover any of the physical structure of your home, condo, or apartment. Much like condo insurance, renters insurance usually covers your personal property, loss of use, and personal liability coverage. Renters insurance does not cover any portion of the home or apartment, however, so if a fire destroys an apartment building the renter will be given a check from their insurance company to replace their property and their landlord's insurance will pay to rebuild the apartment itself.
What does a condo association insurance policy cover?
A master policy is the insurance coverage your condo association has to protect the physical structure of the building and the common areas such as elevators and lobbies. There are three types of condo insurance master policies:
Article written by: Agent: Kristine Pokrandt
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