What Is Condo Insurance and What Does It Cover?

What Is Condo Insurance and What Does It Cover?

Condo insurance, also known as HO-6 insurance, is a specialized policy designed to protect condominium owners. It works alongside the condo association’s master insurance policy to provide comprehensive coverage for your unit and belongings.

What Does Condo Insurance Cover?

1️⃣ Interior of Your Unit

• Covers the walls, flooring, ceilings, and fixtures within your condo. If a fire, vandalism, or another covered event damages your unit, condo insurance helps with repairs.

2️⃣ Personal Belongings

• Protects your furniture, clothing, electronics, and other personal items against theft, fire, or water damage.

3️⃣ Liability Coverage

• Provides financial protection if someone is injured in your condo and decides to sue. It also covers accidental damage you may cause to someone else’s property.

4️⃣ Loss of Use

• Covers additional living expenses, like hotel stays or meals, if your condo becomes uninhabitable due to a covered event.

5️⃣ Building Property Coverage

• Covers upgrades and improvements you’ve made to your unit, such as custom cabinets or new flooring, that aren’t included in the condo association’s master policy.

6️⃣ Loss Assessment

• Helps pay for your share of a loss when the condo association’s master policy doesn’t fully cover damage to shared areas like the roof, lobby, or pool.

What’s Not Covered?

Condo insurance typically doesn’t cover:

• Damage to shared areas (covered by the condo association’s master policy)
• Floods or earthquakes (separate policies may be needed)
• Maintenance-related issues (e.g., wear and tear or mold)

Why Do You Need Condo Insurance?

While the condo association’s master policy covers the building’s structure and common areas, it doesn’t protect your personal property, the interior of your unit, or liability risks. Condo insurance bridges that gap, offering you financial peace of mind.

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