Learn More About Condo Insurance

Protect yourself and your guests

Condo policies generally offer the following:

• Real property – coverage for the structural part of the condominium you individually own such as interior walls, appliances, fixtures, plumbing, ductwork, wiring, carpeting, flooring, possibly private garages, and permanent improvements you make to the unit that are your responsibility based on the condo association agreement. If you have upgraded cabinets or put in hardwood floors, condo building item coverage protects these investments
• Personal property – possessions that are portable, such as clothing, furniture, toys, books, objects of art, home electronics, computers, etc.
• Optional Loss assessment – required contributions that members make for the repair or replacement of certain property that is owned in common. If common areas are damaged, your condo association may levy assessments against all the owners to pay the deductible on their association policy. Various limits of loss assessment coverage are available. Be sure to consult the HOA agreement to determine the potential for such assessments
• Additional living expense – covers the additional cost of temporary housing, food and other increased costs of living when you are forced from your condominium by a fire or other covered cause of loss.
• Liability coverages – covers you for your negligence in injuring other people or property on your premises (those accidents for which the condo association is not responsible) or through actions related to many of your hobbies. The policy also provides defense coverage, including hiring and paying for a lawyer (if necessary) and paying most court costs.
• Medical payments – coverage is for minor injuries to people other than residents of the household and the payment does not require a lawsuit.

Extra coverage doesn’t have to cost a lot
Many people supplement their condo insurance coverage with personal umbrella liability insurance for broader protection. If you have special valuable items such as jewelry, art, antiques or collectibles, ask about updating your coverage to insure them for what they're worth.