Coverage for your condo
How condo insurance works
Coverage for condos is similar to most homeowners policies, except that your condo association’s master policy typically provides some coverage to the structure and exterior of your home. Condo insurance covers from the walls in — like floors, light fixtures or countertops. Typically, it would cover any renovations you’ve added, like adding an extra bathroom or putting in custom cabinets. And if you’ve made renovations, be sure to account for those when you choose coverage limits.
Be sure to review your master policy to learn what’s covered there so you don’t have gaps.
Affordable condo insurance
How condo insurance works
Coverage for condos is similar to most homeowners policies, except that your condo association’s master policy typically provides some coverage to the structure and exterior of your home. Condo insurance covers from the walls in — like floors, light fixtures or countertops. Typically, it would cover any renovations you’ve added, like adding an extra bathroom or putting in custom cabinets. And if you’ve made renovations, be sure to account for those when you choose coverage limits.
Be sure to review your master policy to learn what’s covered there so you don’t have gaps.
Why you need condo insurance
Here’s an example to help explain why condo insurance is needed. Let’s say a tornado damages your condo complex. The master policy for the association would typically be responsible for making repairs to the roof or siding. But if a damaged roof allowed rain in during the storm, it may have damaged drywall, flooring, and personal belongings within your condo.
You would be responsible for repairs within your condo and replacing any ruined belongings. You may also have to find another place to live if their current space is uninhabitable. A condo policy could help pay those additional costs.
An individual condo insurance policy also could help protect you from liability claims if someone were hurt in your home, if your dog bit someone, or if you were sued for libel. Plus, insurance also may be required if you have a mortgage for your condo. Get a quote for condo insurance now.
Condo insurance vs. homeowners insurance
Homeowners insurance and condo insurance are similar except that homeowners insurance typically provides coverage for the entire property. This includes dwelling coverage, which covers the home, and its systems, like plumbing, electrical, and heating. It may also include an attached garage or porch.
Another difference is that homeowners insurance also includes coverage for other structures, like fences or sheds.
Most individual condo policies typically only cover the parts that you’re responsible for. Your condo association master policy should cover shared property. Additionally, an individual condo policy typically provides personal property and liability coverage, like a homeowners policy would.
Get extra protection with a personal property replacement cost endorsement
A base condo policy may provide coverage for personal belongings at actual cash value — depreciation would be taken into account when claims are paid.
This means that in the event of a covered loss, a claim for your personal belongings would be paid at actual cash value instead of replacement cost and you would likely have higher out-of-pocket expenses. For example, if your living room furniture was several years old at the time of loss, you may not receive enough money from a claim to replace it with new furniture. A replacement cost endorsement provides coverage to replace items with like kind and quality without a deduction for depreciation.
You can add other endorsements to your policy to customize your coverage to your needs. Call us for details.
Other coverages
Find out more about coverages available for condo policyholders:
