Condominium Insurance
Owning a condo offers a unique living experience that requires specialized insurance. Condo insurance, also known as HO-6 insurance, can financially safeguard your possessions and the interior of your unit against certain risks.
What Is Condo Insurance?
Condominium insurance is a policy tailored specifically for condominium owners. Unlike homeowners insurance, which can cover both the structure and the contents of a home, condo insurance focuses primarily on financially protecting the interior of your unit and your personal belongings. This type of policy also offers liability coverage, which can be crucial in case someone gets injured in your unit or if you accidentally damage someone else’s property.
What Does Condo Insurance Typically Cover?
Condo insurance may cover various incidents and damages, including fire, theft, vandalism and certain types of water damage. A condo insurance policy may offer the following coverages:
- Personal property coverage can help repair or replace your belongings, including clothing, furniture and electronics.
- Dwelling coverage may help financially cover damage to the unit’s interior, such as from fire.
- Loss of use coverage may pay for temporary living expenses if a covered peril ruins your unit.
- Liability coverage may offer financial protection if you are deemed responsible for injuries to others or damage to their property.
- Medical payments coverage may help cover minor medical expenses for guests injured in your condo.
Does Condo Insurance Cover the Building Structure?
One common misconception is that a condominium insurance master policy—purchased by a condo association—covers the entire building, including individual units. Your condo association’s master policy typically only covers the building’s structure, exterior and common areas, not unit interiors.
Generally, individual condo unit owners require their own insurance to help cover parts of the structure within their units, such as walls, floors and ceilings, depending on the specifics of the policy and the condo association’s bylaws.
Where to Buy Condo Insurance
Contact Super Insurance Discounts today for a condo insurance quote and learn more about our condo unit insurance policies.