What Every Owner Should Know About Condo Insurance
What Every Owner Should Know About Condo Insurance
If you own or are considering the purchase of a condominium, you should understand that protecting your investment is not quite the same as that of a single family homeowner or a renter. Condominium insurance coverage is just a bit more involved. While a bit more complex in its coverage and limitations, condo insurance provides important protection.
In the broadest of terms, there are two basic forms of condo insurance.
Condo Insurance (HO-6)
This type of policy is generally what individual condo owners purchase. It covers everything from the walls-in of a condo, including personal possessions. It also includes liability insurance should someone become injured while on your property.
Condo Association Insurance
This is the insurance your homeowners or condo association would carry to protect outside and common areas of the condo. If a storm were to damage the roof of a condo, for example, the association’s insurance should cover the damage. It will also usually contain liability insurance should someone get injured in a common area of the community and file a lawsuit against the association.
Condo Associations frequently have the authority to levy assessments on the individual homeowners for a variety of reasons. These could include major improvements not covered by monthly fees, storm or other damage to the community that exceeds the condo associations insurance limits and other situation.These assessments can run into the tens of thousands, and even hundreds of thousands of dollars. Condo owners may be able to protect themselves from these large and sometimes largely unexpected expenses through Loss Assessment coverage on your HO 6 policy. This is valuable coverage to consider, especially if a condo is older or located in an area prone to strong storms like hurricanes.
Our independent insurance agents can help make condo insurance easy. Contact us for a review of your present coverage or for a no obligation price quote. Make sure there are no gaps in your coverage. Contact us today for condo insurance you can feel comfortable with.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Read More Blogs
The Beautiful Pause: Embracing Solitude and Self-Care
Ditch the noise. A guide to finding mental clarity and practicing self-care by embracing intentional solitude during the final, quiet days of January.
Final Tax Data Security: Protecting Against Employee W-2 Identity Theft
W-2s are out. A final, urgent guide to securing employee data against tax fraud and using Cyber Insurance for breach response and identity theft coverage.
T-Minus 30 Days: The Late January Review of Beneficiaries and Tax Implications
Tax forms are here. Review your life insurance beneficiaries one last time, and understand the tax status of policy payouts vs. accrued interest.
Extreme Cold Alert: Protecting Your Vehicle from Late January Freeze Damage
Frozen engine block? Late January extreme cold risks and how your Comprehensive Auto Insurance handles non-collision, cold-related vehicle damage.
The Final Frost: Securing Your Home from Ice and Tree Damage
Extreme cold risk is highest now. A guide to Home Insurance for tree fall damage, ice structure risks, and securing your claim against catastrophic late-January weather.
Slow Cooker Immunity: Nourishing Your Body with Winter Comfort Foods
Fight the mid-winter slump! Easy slow-cooker recipes packed with immune-boosting spices and ingredients to keep your family healthy in late January.
Accountability in the New Year: Auditing Employee Risk for Workers’ Comp and Liability
Get back to basics! Mid-January is the time for mandatory safety refreshers and HR audits to manage Workers’ Comp and General Liability risk in 2026.
The Mid-January Check-Up: Why Scheduling Your Life Insurance Exam Now Locks in the Best Rate
Don’t delay the exam! Schedule your Life Insurance paramedical exam in mid-January to lock in your best rate and complete your application process quickly.
Used Car, New Coverage: Insuring Your Post-Holiday Vehicle Purchase in January
Just bought a used car? Don’t forget to update the VIN, transfer your coverage, and check if you need higher Medical Payments limits.
The Mid-Winter Meltdown: Protecting Your Home from Aging Furnace and Water Heater Failure
Mid-January system failure is costly. Learn why standard home insurance doesn’t cover your broken furnace and why you need an Equipment Breakdown endorsement now.