Condo Insurance Policies
Owning a condo is like having the best of both worlds. While you don’t have as much indoor or outdoor space as you would in a home, you still have more space and amenities than a standard apartment. A condo is real estate, so having insurance is a good idea. The condo association or homeowners association in charge of the property usually offers standard insurance. However, the additional coverage of individual condo insurance is recommended.
What is Condo Insurance?
Condo insurance offers protection for your property, similar to standard homeowner’s insurance. Condos are different from standalone or semi-detached properties, so the structure of condominium insurance is specifically designed for condo owners.
Who is it for?
Condominium insurance is for people who own units in condominiums. A condo insurance policy might not be comprehensive, so you must understand what’s available. A condo association usually offers standard insurance to cover the basics. However, there is individual coverage for when you want extensive protection.
How it works
Damage or loss that occurs in general areas of the condo is covered under the association’s insurance policy. This includes community features, amenities, and the exterior walls of each condo. Coverage also includes liability claims for when a person is hurt in one of the general areas. You need an individual policy to cover damage or loss in the interior of your condo and personal property. Some insurance companies offer condo insurance that covers theft, weather-related damage, and in-unit incidents.
Types of coverage
- Individual condo coverage: This type of policy covers the inside of a condo as well as the owner’s personal property.
- HOA/Condo association coverage: This type of policy covers common or shared areas of the condominium, and includes the exterior walls of the unit.
Individual coverage gives condo owners the peace of mind of knowing their personal property and unit is protected in case of damage or liability.
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