As a condo owner, you have unique requirements for protecting your property because your building and your individual unit have individual needs. While your condo association may have an insurance policy, only condo insurance covers your personal property, improvements and personal liability.
A typical Condo Policy covers:
- Owner occupied condo units or condo units rented to others
- Damage to personal property like your furniture, clothing, appliances and other personal items
- Your personal belongings, whether they’re in your home or elsewhere
To learn some of the key terms for home insurance, view the information on our Homeowners page.
Other things special to condos…
Additions and Alterations
According to your condominium declaration and/or bylaws (often referred to as CCRs), you may be responsible for interior parts of your unit such as anything attached to the floors, walls and ceiling (i.e.glass, flooring, cabinets and doors).
Common Loss Assessments
Usually made by the condo association for all unit owners. If your condo association is forced to assess all unit owners for the additional loss (or for personal liability claims against the association), you’re covered.
In the event someone is injured or their property is damaged this coverage can protect you. Personal liability can include Wrongful Eviction if your condo unit has been rented out.
Loss of Use / Additional Living Expenses
If your unit is damaged and you have to move out while it’s being repaired, you’re covered! The policy pays for all necessary living expenses (hotel, meals, laundry, etc.)
What Makes a Condo Policy Different from Homeowners?
In a lot of ways, buying a condo is similar to buying a home. You get the freedom of your own space, but you also have the responsibility for things that happen to it. One of the key differences is how much of the residence you have to insure. For a condo, you are responsible for everything inside the home, but typically the outside of the building and the grounds are covered jointly by the Master HOA Insurance policy. Likewise, Tenancy in Common (TIC) properties are also written as a Master HOA policy, however the ownership structure is a slightly different. In a TIC structure, the building owner owns a percentage of the entire building rather than just a unit and percentage of the common space. Give us a call and we’ll assess your specific needs.
Do I have to Cover an Incident Caused by a Neighbor?
It is always smart to carry extra liability protection to cover you against any injuries that happen within your home, whether they are your fault or not. In the case that an incident (like a fire) were to begin in another unit, but affect yours, it would be up to the investigation to place liability.
Do I have to Notify You When I Move Out?
Yes, you must notify your agent when you change residents so that your current condo policy can be converted from “Owner Occupied” to a “Condo Rented to Others.” Plus, we can then look into what you will need for your next dwelling.