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Condo Insurance

If you live in a condominium, then you should have condo insurance to provide you with financial protection if your personal items are damaged or stolen. This insurance also provides you with protection against liability claims if someone is injured inside your condo unit. Condominium insurance does not cover any damage or loss that occurs to the condominium property or any of the buildings on the property. This is covered by the condominium association’s insurance policy.

A condo association’s insurance policy is either an “all-in” policy or a “bare walls-in” policy. An “all-in” policy covers everything inside the condo unit such as plumbing, electrical wiring, appliances, carpet, and other fixtures. A “bare walls-in” policy may only cover plumbing and the electrical wiring. The condo association’s insurance policy does not cover any of your personal items. It is important for you to know what type of policy your condo association has so that you will know how much personal condominium insurance you will need.

It is important to know what types of personal items a condo policy will cover if they are damaged or stolen. Personal property includes computers, TVs, furniture, appliances, cell phones, utensils, and cookware. An insurance rider may be needed for high-value items such as art, jewelry, and memorabilia.

If a natural disaster like a hurricane, earthquake, or wildfire occurs, then your condo policy will cover your personal possessions. Your condo association’s insurance will cover external building and property damage, but it may not cover internal fixtures, plumbing, and electrical systems. A condo policy does not cover damage caused by flooding. Make sure you know what your condo association’s policy will cover in the aftermath of a natural disaster.

An insurance agent can help you get the right amount of condo insurance coverage you need. They can also help you get insurance that fits your budget. A condo is an investment, so make sure you financially protect your investment with insurance.






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