Condo Homeowners Insurance

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Condo Owners Insurance?

Condominiums, a popular alternative to an apartment, require condo insurance policy coverage which contains some elements that are different from either homeowners or renters insurance. Condo insurance covers only the contents and interior walls of the unit including coverage should a leak, fire or other damage emanating from that unit affect others. It includes coverage for theft, fire vandalism etc. but covers repairs for the interior of that unit only. The structure itself is covered by a master policy held by the Homeowner.

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Weather Damage

Weather damage from lightning, wind, or hail & frozen pipes.

Non-weather Damage

Damage from fire, theft, vandalism, smoke or vehicles

Other Causes

Damage to others emanating from your unit such as water leaks & fires
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What is Covered

How Much do I Need?

Condo homeowners insurance is generally based upon the value of the owner’s possessions.

Coverage?

Living space - your unit and its interior walls including any alterations
Personal property - your clothing, furniture, electronics and other possessions and valuables
Loss of use - provides funds to cover alternative housing while repairs are made
Personal Liability - injury to others while in your unit
Medical payments - to non-resident persons injured on your property
Condo Insurance
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FREQUENTLY ASKED QUESTION - FAQs

Buying a condo?
Your mortgage lender will likely require condo insurance. Online quotes will get you several options for comparison so that you will get the best condo insurance for your premium dollars.
What is Not Covered by Condo Insurance?
Condo Insurance covers much the same things as homeowners and renters and much like those policies, there are some things that it won't cover. Unless you have riders or buy additional coverage, most policies will not cover flood, earthquake or simple wear and tear on your property. Similar to renters insurance, the basic structure of the building is not covered by a condo insurance policy. That condo master insurance policy is held by the Homeowner.
Does Condo Insurance Cover Water Leaks and Damage?
In the event that another unit has a failure that results in damage to yours, the usual process is that your insurance will make repairs after your deductible is satisfied and seek reimbursement from the other condo owners insurer.
What’s the Difference Between Condo Insurance and Homeowners Insurance?
Home Owner’s insurance provides coverage for repairs to the basic structure. A condo owner's policy covers possessions and interior walls as well as liability for water or fire damage emanating from that unit. It covers liability within the unit but not in common areas.
Is Condo Insurance Tax-Deductible?
Though insurance is not tax deductible, you can buy condo insurance online at some of the most competitive rates. And these policies are all designed to cover water and fire damage to both your unit and any units affected by yours.

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Types

The Three Basic Condo Insurance Policy Types

There are three major types of arrangements that might apply to your condominium:

Bare Walls

Insured is responsible for the sheet rock or wall studs

Single Entity

HomeOwner's master policy coverage protects structures, fixtures and interior walls but does not cover personal possessions

All Inclusive

This policy, like the one above, covers all the above but also includes any modifications and improvements
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