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Condo Insurance
Your condo association maintains a master insurance policy or homeowner’s association (HOA) policy that protects common areas and the building itself from damage, but this policy will not cover your personal belongings, upgrades to your unit, or injuries in your home. Depending on the master policy, it may not even cover flooring, cabinetry, and interior walls. A condo insurance policy fills this gap in coverage by protecting your home with the physical damage coverage and liability coverage you need.
What Is Condo Insurance?
Condominium coverage, sometimes called an HO6 policy, is a specialized type of home insurance designed specifically for condo units. As a condo owner, you do not need coverage for the exterior of the building, walls, roof, or even common areas inside the building which are covered by the master policy. Your condo coverage instead protects everything you own from covered losses.
What Condo Insurance Covers
Condo insurance is designed to protect you outside of the master policy by protecting what you own from liability claims, fire, burglary, water damage, and more. In many cases, the master policy coverage ends at the exterior walls of the building but your policy can take over to protect your fixtures, flooring, interior walls, and belongings. Your condo policy can be customized to cover anything that is your responsibility under your agreement with the condo association and to fill gaps in your protection. A condo insurance policy comes with three important types of coverage:
- Building Property Coverage – This protects the interior of your condo such as the cabinetry, interior walls, flooring, and permanent fixtures. If you could tip your condo unit upside-down, the building property coverage will protect everything that does not fall out.
- Contents Coverage – This protects your belongings such as furniture, clothing, and electronics.
- Liability Coverage – This protects you from lawsuits for property damage and bodily injury. If someone is hurt on your property, liability coverage can help pay for legal representation and an injury claim.
Don’t make the mistake of assuming the condo association’s master policy will protect you if the unthinkable happens. A condo insurance policy protects your home and investment as well as your belongings to pay for repairs or legal claims that you may be responsible for.