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Condo Insurance

Don't leave any aspect of your financial well-being to chance; protect yourself with the right insurance coverage for all your needs.

insurance

Condo Insurance: Protect Your Home and Belongings

Owning a condominium comes with unique insurance needs. While your condo association’s master policy covers the building and common areas, it typically does not protect your personal belongings, interior finishes, or liability inside your unit. That’s where individual condo insurance, often called HO-6 insurance, comes in.

Why You Need Condo Insurance

Even if your condo association carries insurance, their coverage usually only protects:

  • The building structure and exterior walls

  • Common areas like hallways, gyms, or pools

  • Liability claims against the association

Your personal condo insurance helps fill the gaps by covering:

  • Your personal belongings such as furniture, electronics, and clothing

  • Interior structural improvements like flooring, cabinets, or built-in fixtures

  • Liability protection if someone is injured in your unit or you accidentally damage someone else’s property

  • Additional living expenses if your unit becomes uninhabitable due to a covered event

What does a Condo Insurance policy cover?

A standard condo insurance policy in the U.S. usually protects against:

Fire or lightning

Windstorm

Smoke

Vandalism or Malicious Mischief

Theft

Accidental Discharge of Water

How to Choose the Right Policy

  1. Review your condo association’s master policy to understand what is and isn’t covered.

  2. Assess your personal property and determine replacement costs.

  3. Consider liability limits to protect your finances if accidents occur.

  4. Check for optional coverages that match your lifestyle and risks.

Condo insurance provides peace of mind, ensuring that your home, belongings, and financial security are protected—beyond what your condo association covers.

Click And Learn

Personal Property
Building Property
Additional Living Expense
Loss Assessment
Guest Medical

Personal Property Coverage

Risk Factors

Your personal property which includes furniture, clothes and other collectibles are also exposed to risk which can cause a great loss.

Solution

Personal property coverage protects your belongings that aren’t fixtures in your home. This includes clothes, furniture, portable appliances and other possessions that aren’t affixed to your unit. As with building property coverage, you will only be able to file a personal property claim if the episode is a covered event, and coverage will only extend up to your policy’s limits.

Building Property Coverage

Risk Factors

Your building property might get damaged by events like fire, flood and hail.

Solution

This protects you financially from damage to the interior of your condo unit resulting from a covered event, such as fire or wind damage. Up to your policy’s limits, it will cover damage to your floors, walls, tiles, cabinets and other permanent fixtures in your condo.

Additional Living Expense Coverage

Risk Factors

In case your condo catches fire, you are bound to stay in hotel till your condo is back to normal and pay for hotel accommodation from your own pockets.

Solution

Additional living expenses (ALE) also known as loss of use helps pay for extra living expenses such as lodging, meals, laundry and pet boarding if you cannot live in your condo because of a problem covered by the policy (such as a fire).

Loss Assessment Coverage

Risk Factors

If a common area such as a parking garage of the condo is damaged due to flooding, you are liable to pay a part of the expense cost along with other people.

Solution

Loss Assessment coverage is an important feature of condo insurance because you share in the responsibility with the other condo owners for the condominium building and common areas. That means that if there is a special assessment (an added fee that is on top of your monthly condo fees) levied on your condominium building, all the condo owners must split the cost of the assessment.

Guest Medical Coverage

Risk Factors

There may be a possibility that a guest arrives at your house and gets himself injured unknowingly. You are liable to pay for his medical expenses.

Solution

If a guest is injured at your home, guest medical coverage may help pay for related medical expenses even if you are not at fault.
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