Understanding Condo Insurance

Condo/Condominium owners have unique insurance needs when compared to freestanding homes, apartments/rentals, and townhomes. It’s important to understand why condo insurance is different than traditional homeowners insurance.

The building structure and grounds are covered by insurance held by the condominium association. You will need your own Condominium Insurance policy for your unit and property in case of fire, theft, vandalism or natural disasters – it also provides essential personal liability coverage to protect you in the event another person is injured in your condo.  

Before You Get a Quote

Talk to your homeowner’s association or property management to find out what is or isn’t covered by the building policy. Will you need a policy that covers your appliances, cabinets, wall coverings, and carpeting, or are these items included in the building policy? This is a good time to make an inventory of your personal property and to write down the dollar values of your assets such as; jewelry, furniture, computer, and other valuables.

Depending on the value of these items you may need a separate policy to supplement your condo insurance. If you work from home, you may need additional coverage for your office.

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