Condo Insurance

You may be held liable for injuries to visitors that occur in your unit, through the medical payments coverage on your policy. Your policy also helps provide financial protection for covered liability claims and lawsuits brought against you for bodily injury or damage to their property that was caused by you, your children, or pets.

You should take inventory of your possessions such as clothing, appliances, electronics (TV, phone, computers), jewelry, etc. Be sure to keep receipts, photographs and video of your unit for proof of value.

You should make sure you read and understand your homeowners association (HOA) agreement, but usually, your condo association’s master insurance policy includes protection for the outer structure of your condo, including the roof, while your condo insurance policy provides protection for the “walls in” of your condo such as flooring, cabinetry, built-ins, stairs and other features of your home that are considered a permanent part of your condo or townhome unit. In addition, your policy provides protection for all of your personal belongings.

Condo owners are responsible for the personal space they live in, which can work much differently than homeowners insurance. Whereas homeowners are responsible for insuring the inside and outside of a home (as well as the land it sits on), condo insurance typically requires owners to insure the interior of their residence. Condo owners do not own the entire condominium complex, the land the condo sits on, the condo’s building structure, and the buildings common areas, which are all shared by the collective group of condo owners. From an insurance standpoint, individual unit owners typically pay a monthly fee to their homeowners association (HOA) to assume responsibility and cover these common areas.