Condo insurance is coverage that helps protect against losses and repair costs for a condominium unit. Condo insurance often provides protection for theft, vandalism, fire damage, water damage, and more. Condos have their own unique insurance needs.
Why do I need condo insurance?
Condo insurance can still come in handy, even if your condominium association has their own coverage. Their insurance might cover the condominium building, commonly owned property, and liability insurance for the association.
Unfortunately, there are many cases where that insurance policy won't cover you or your things—like a break in, water damage to your living room walls, or someone injuring themselves slipping on your wet kitchen floor. That's why you need condominium insurance designed specifically for condo or co-op owners.
Condominium policies help protect your personal property and the interior of your unit. You will also have liability protection for bodily injury or property damage to others. I
What does a condo insurance policy cover?
The articles of the condominium association and state law determine exactly what's covered under the association's master insurance policy.
In most cases the association's coverage stops after the exterior walls meaning that you are responsible for the interior walls and possibly for fixtures, as well as your personal property and liability. This is where your own personal condo policy would come in. Most policies will include coverage for losses arising from:
- Fire or Lightning
- Vandalism or Malicious Mischief
- Accidental Discharge of Water
Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling. Such terms and availability may vary by state and exclusions may apply. Discounts may not be applied to all policy coverages.