Condo associations, which maintain the buildings themselves, generally take care of insuring the outside of the structure – meaning the exterior only. Making sure you have the right amount of coverage for the parts of the building on the inside of the condo, however, is up to you.
Condo insurance is different than homeowners insurance. If you’re a condo owner, you don’t insure the entire building. Typically, you insure the property inside like the walls, studs, and anything inside the drywall.
What should a condo policy include?
Personal Property –
On a home policy, you’ll find the personal property calculation is based on the replacement cost of the dwelling. On a condo policy, however, the amount of personal property coverage is left to your discretion. Personal property coverage needs to cover anything you carry through the front door. When determining how much coverage you need, keep in mind that clothing, furniture, cookware, books, artwork, home electronics, computers, and other items all the way down to your toothbrush would be included.
Dwelling Improvements –
This amount is based on the square footage of your condo — a good way to think about it is this, if you can see it on the inside you’ll definitely want to insure it. You’ll also want to protect a few things you may or may not see, including interior walls, paint, cabinets, fixtures, plumbing, ductwork, wiring, carpeting, and flooring. And one more thing, don’t forget private garages and permanent improvements or updates you’ve made to your property — in our experience this tends to be the most consistently underinsured portion of a condo policy.
Loss of Use –
This coverage would pay your living expenses if you’re unable to stay in your condo due to damage requiring repairs, or while you’re searching for a new residence.
Personal Liability –
This covers you in case of injury to other people, their property, or property on your premises. The good news? This part of the policy travels with you anywhere in the United States!
Medical Payments –
This covers minor injuries and co-pays for anyone injured on your premises, regardless of who’s at fault.
We understand the unique risks that come with your condo policy. We’ll advise you about the type of coverages available and help you choose the best policy from among our top-rated insurance companies offering policies especially designed for condo owners. We’re more than happy to review your condo requirements with you at any time to make sure there aren’t any gaps in your coverage. Free, honest policy reviews are a part of our agency’s stewardship philosophy.