Condo insurance gives vital protection to anyone who owns a condominium. Unlike traditional homeowners insurance, condo insurance works alongside your condo association master policy. The master policy usually insures the building structure and common areas, while condo insurance protects what you own inside your individual unit.
A standard condo insurance policy, often called an HO6 policy, covers your personal belongings such as furniture, electronics, clothing, and appliances. It also insures interior features like flooring, cabinets, lighting, and any upgrades the association does not insure. With this coverage, when fire, water damage, or theft occurs, you rely on your policy instead of paying out of pocket for repairs and replacements.
Personal liability coverage also plays a critical role in condo insurance. If a guest suffers an injury inside your unit, your liability coverage can pay for medical bills and legal expenses. Condo insurance also offers loss of use coverage, which helps you pay for temporary housing when a covered loss makes your unit unlivable.
Loss assessment coverage provides another valuable benefit. When your condo association faces a large claim and issues a special assessment to unit owners, your policy can help pay your share of that cost.
To choose the right condo insurance policy, you review your association documents, clarify your coverage responsibilities, and evaluate your personal risk. Every condo community operates differently, and your coverage needs may change based on location, building age, and local hazards.
Condo insurance protects your finances, your belongings, and your personal liability so you can feel confident about your home. With the right policy, you keep your condo secure even when unexpected events disrupt your life.
