Condo living is like freedom with four walls. You have all the benefits of homeownership without all the hassle. No lawn to mow, no roof to repair, just your own private oasis in the middle of a connected community. Safeguard your space with a policy that offers protection for your piece of paradise.
Why You Need It:
In many communities, your condo association’s insurance policy covers the building and shared spaces but does not extend to your private residence. A personal policy can pick up where the association’s coverage leaves off, offering protection for personal belongings and interior damage.
A condo policy typically includes:
- Personal property: provides coverage to replace personal belongings inside your home, including furniture, appliances and electronics
- Loss of use: provides coverage for temporary housing in the event your home becomes unlivable and needs to be repaired
- Personal liability and medical payment: provides coverage for legal action or medical payments that may be filed against you for an injury sustained on your property (extends only to those who do not reside with you)
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Condo Insurance FAQs
Yes, while the condo association typically has a master policy that covers the building’s structure and common areas, it doesn’t provide coverage for your personal belongings or the interior of your unit. Condo insurance is crucial to protect your personal property and provide liability coverage for incidents within your unit.
Condo insurance is similar to a standard homeowners insurance policy and provides coverage for the dwelling, contents, liability, medical payments and loss of use. The main difference is that a condo policy will cover just the interior of your unit. This would include the finish on the walls, fixtures, cabinets, and flooring but would not cover the exterior. That is typically covered as a part of a master policy managed by the Condo Association or other controlling body.
The amount of condo insurance you need depends on the value of your personal belongings, the cost to repair or replace the interior of your unit and the liability limits you want. Conducting a thorough inventory of your property can help determine the appropriate coverage.
Yes, depending on the insurer there are many discounts available. You can save by installing security features, bundling condo and auto together or being part of a homeowners association. Make sure to ask your licensed QuoteSavant expert about what discounts you might qualify for.
The coverage for water damage can vary, but condo insurance may cover sudden and accidental water damage, such as burst pipes or leaking appliances. However, coverage for backup of sewers or drains as well as slow leaks may not be covered. Flooding is typically not included and requires a separate flood insurance policy. Ask your licensed QuoteSavant expert what specific water damage is included in your quote.
Yes, in many cases you may be required to carry condo insurance, either by your lender if you have a mortgage on the unit or by the Condo or Homeowners Association. However, even if it’s not mandatory, having coverage is strongly recommended to protect your investment.