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Condo Insurance

Condos seem similar to apartments, but they offer an entirely different living situation. Most notable is the fact that people who live in condos own the space. It is kind of like living in an apartment that you buy instead of rent. This means condo insurance is needed to protect your personal belongings similar to a person who has insurance for their house.

How Insurance for Condos Work

When you move into a condo your belongings and property are not covered by any insurance. The unit owner is responsible for having condo insurance. You should check with your condo association to see what type of coverage they have for the building. And then ask what exactly is covered.

Condo Association Coverage

If your building has a condo association, then the common areas and the structure will be covered. There is likely a master policy for the entire building. These areas may include the roof, boiler room, hallways, and other areas shared by the residents.

The master policy may also cover some of your unit. For example, it might include your walls and floors in the policy. Your best option is to review the details of what your association master policy covers. From there you can decide which coverage is best for your personal condo policy.

This insurance is the only way to cover your unit for vandalism, theft, and fire. Typical condo policies cover:

1. Building Property Protection for walls and interior decorations.

2. Personal Property Coverage is for your personal valuables like electronics, appliances, clothes, and books.

3. Personal Liability Coverage is helpful if you’re sued or must pay someone’s medical costs because they were injured on your property.

Personal Property Coverage

Condo owners have to decide between actual cash value and replacement cost coverage.

Actual cash value coverage allows you to replace your personal belongings after considering depreciation. Replacement cost coverage replaces your belongings without considering depreciation.






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