Renters Insurance

Condo Insurance: What You Need To Know

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KEY TAKEAWAYS

Your HOA's Master Policy Does Not Cover Everything

Most condo owners assume the association's master insurance policy has them fully covered. It doesn't. The master policy typically protects the building's exterior and shared spaces like hallways and amenities. Everything inside your unit, from flooring and countertops to furniture and electronics, is your responsibility to insure. Review your HOA's master policy first so you know exactly where their coverage ends and yours needs to begin.

Condo Insurance Protects More Than Just Your Belongings

A condo insurance policy (also called an HO-6 policy) covers personal property, but it also includes liability protection if someone is injured in your unit, loss assessment coverage for your share of damage to common areas, and additional living expenses if a covered event forces you out of your home temporarily. These protections are easy to overlook but critical when you need them most.

Your Coverage Should Keep Up With Your Life

After a renovation, a big purchase, or a change in the value of your belongings, your policy may no longer provide enough protection. Creating a home inventory and reassessing your coverage after major updates ensures you are not caught underinsured when it matters.

Congratulations, you’ve bought a new condo! Whether you’re entering the market for the first time or you’re already savvy to the world of real estate, there are a few things you may not know about condo insurance. Here are some key aspects buyers should be aware of to ensure that their investment is covered.

Understand What Your Condo’s Master Policy Covers

“Many people think their condo policy covers them for the contents inside their unit,” says Melissa Gallaro, vice president of the GEICO Insurance Agency. “It could cover the common areas of the building, the atrium, the room, etc. Anything inside your unit, however, is not covered by the master policy; therefore purchasing your own personal condo policy will ensure your assets are protected. ”

Know What You Need To Insure

Gallaro says you need to insure everything inside your unit. Anything that’s inside the walls of your condo—this includes your personal property such as furniture and clothing, as well as the interior structure such as flooring, countertops and fixtures.

Determine How Much Coverage You Need

This is where your home inventory will come in handy: Determining the total replacement value of your stuff. “We ask each customer how much coverage they need for both their personal property and interior structure,” Gallaro says. “We also provide expert guidance to make sure they’re completely covered.” Planning interior home renovations anytime soon? Be sure to reassess your coverage after every major renovation to make sure your home remains fully covered.

Be Sure To Add Liability Coverage

“You want to be covered for liability,” Gallaro says. “This coverage will be there for you in case a guest slips and falls or gets injured on your property,” she says, or in case of other accidents (in your condo) where you might be held responsible.

Condo Living, Covered

Condo insurance could help protect your unit and belongings.

Learn More

Understand What Your Condo’s Master Policy Covers
Know What You Need To Insure
Determine How Much Coverage You Need
Be Sure To Add Liability Coverage
Condo Living, Covered

Please note that the information above is meant to help you better understand insurance coverage in general. This content is for educational purposes only and does not serve as an actual insurance policy, nor does it change any terms or details in your own policy. Because insurance options can vary depending on your insurer, where you live, and what's available, we recommend that you review your policy documents and speak with a licensed insurance expert if you have questions about your coverage. Any examples of premiums, losses, deductibles, or repair costs are just for illustration and might not reflect your personal situation. Whether an accident or loss is covered will depend on the specific rules and details in your policy. Also, if you click on any links to other websites, we are not responsible for their content.