What is Condo Insurance?

What is Condo Insurance?

It is estimated that some 5 million American families live in condominiums.ย Condos can make living easier because much of the maintenance is handled by the community or homeowner association.

While a single-family homeowner owns the property, structure and contents of their home, a condo owner owns the space in which they live and its contents, but is not responsible for exterior maintenance. This distinction creates some important differences between insuring a condo and a single-family home or even an apartment.

A Brief Definition

Condominium insurance is an insurance policy that is taken out by the condo owner to protect his investment in a condo unit.

What It Covers

Generally, condo insurance covers the unit and its movable contents including furniture, electronics, clothing, housewares, bedding and more from covered perils. The condo unit is usually considered from the walls inward. Perils may include fire, theft, vandalism and natural disasters. It also provides liability protection in the event a visitor is injured while on the property under the control of the owner.

What is a Masterย Policy?

Condo owners are, to some degree, protected by an association’sย Master Policy. The coverage on a Master Policy and consequentially on the unit owners’ policy are dictated by the By-Laws of the Association.This coverage generally only covers a condo from the brick or concrete outward along with common areas of the condo community. It may not cover drywall, plumbing, furnishings or anything in the interior of a unit. It also provides no protection from any liability claims made against a condo owner.

Loss Assessment Coverage

Many condo owners may falsely believe they don’t have any worries when it comes to external damage to their condo or if their association is sued by someone sustaining an injury. The problem is, the association may not have sufficient coverage to cover full damage or a liability claim may exceed the association’s limits. In some instances, where hurricanes caused severe damage to condominium communities, individual owners were assessed for the damages not covered by insurance. This can run into the tens of thousands of dollars. Condo Loss Assessment Insurance can provide additional coverage for owners against these additional charges that may be assessed.

Like homeowners’ insurance, condo insurance will likely be required by any bank or mortgage company that has financed a condominium. The homeowners’ association itself will frequently require it to protect the interest of other owners. If you currently live in, or are considering purchasing a condo, contact us for your no-cost, no-obligation condominium insurance quote. Our independent insurance agents will search multiple companies to find the coverage you deserve at a price you can afford. Contact us today.


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about our blog writer?

Read more about KayLynn's background.

Click Here

Search All Blogs

Generic filters
Exact matches only
Search in title
Search in content
Search in excerpt

Unveiling the Quirks and Curiosities of Geography: A Journey Through the Unconventional Landscape of the United States

From Detroit’s Northern Prominence to South America’s Surprising Proximity: Unveiling the Unconventional Geographic Facts of the United States

Safeguarding Your Business with Income Interruption Insurance

Business Interruption Insurance: A Shield Against Financial Disasters

A Gift That Keeps on Giving: The Enduring Benefits of Child Life Insurance

Child Life Insurance: A Timeless Gift of Love, Protection, and Financial Security

Demystifying No-Fault Insurance

Unraveling the No-Fault Insurance Enigma: A Comprehensive Guide to Navigating the Auto Insurance Landscape

Navigating the Deductible Dilemma Maze

Insurance Deductibles: A Delicate Dance Between Financial Security and Premium Savings

Evolving Entertainment: A Journey Through the History of In-Car Entertainment

In-Car Entertainment: A Chronicle of Technological Advancements and Changing Driving Experiences

Debunking Insurance Myths: Unveiling the Realities Behind the Industry

Insurance Unveiled: Separating Fact from Fiction in the World of Protection

From First Crash to Compulsory Coverage: A Journey Through the History of Auto Insurance

Auto Insurance: A Tale of Accidents, Legislation, and Financial Protection

Insuring the Unexpected: A Glimpse into the World of Bizarre Insurance Policies

From Million-Dollar Legs to Kidnap Insurance: Unveiling the Quirky World of Unusual Policies

Navigating the Maze of Auto Insurance: Understanding the Coverage You Need

Auto Insurance Explained: A Comprehensive Guide to Protecting Yourself and Your Car