What Does Condo Insurance Cover?
Your condo association's master policy covers the building structure and common areas, but it typically does not cover what's inside your unit. Condo insurance (also called an HO-6 policy) picks up where your HOA leaves off, protecting your interior improvements, personal property, and personal liability.
Key Coverage Areas
- Interior Dwelling Coverage - Covers walls, floors, ceilings, cabinets, and fixtures inside your unit if damaged by a covered event.
- Personal Property - Protects your furniture, electronics, clothing, and other belongings against theft, fire, water damage, and more.
- Personal Liability - Pays legal costs and damages if someone is injured in your unit or you accidentally damage another unit.
- Loss of Use - Covers additional living expenses if your condo becomes uninhabitable due to a covered loss.
- Loss Assessment - Helps cover special assessments your HOA levies after a covered loss to common areas.
- Medical Payments - Covers minor medical expenses for guests injured in your home, regardless of fault.
Understanding Your HOA's Master Policy
HOA master policies come in two main types. A "bare walls in" policy covers the building structure but nothing inside your unit. An "all-in" policy covers fixtures and built-ins but usually not your personal belongings or improvements. Either way, you need your own condo policy to be fully protected.
Our agents will review your HOA's master policy documents alongside your personal coverage needs to identify exactly where the gaps are and build a policy that fills them without overpaying for duplicate coverage.
How Much Condo Insurance Do I Need?
The right coverage amount depends on the value of your personal property, the cost to rebuild your unit's interior, and your liability exposure. We recommend taking an inventory of your belongings and considering any improvements you have made to flooring, countertops, or fixtures since purchasing the unit.
Frequently Asked Questions
Is condo insurance required?
Many mortgage lenders require condo insurance as a condition of your loan. Even if yours does not, going without coverage puts your belongings and financial security at serious risk.
What is not covered by condo insurance?
Standard condo policies typically exclude flood damage, earthquake damage, and wear and tear. We can discuss adding flood coverage or an umbrella policy depending on your situation and location.