Condo Insurance Coverages
What does condo insurance cover?
Condo insurance covers what you're responsible for as a condo owner. That means your belongings, upgrades (custom cabinets), injuries at your place, lawsuits against you, and temporary living expenses while your condo is being repaired.
Your insurance vs. condo association's insurance
Your condo association's policy covers what's their responsibility and your insurance covers what's yours.
- Physical structure (roof, exterior siding, outside walls, windows)
- Common areas (gyms, pools, party centers, etc.)
- Your association may cover original features of your unit, such as the original floors, cabinets, kitchen countertops, etc. (if your association doesn't cover this, your insurance should)
Your insurance covers
- Your belongings
- Injuries on/around your property
- Temporary living expenses during repairs
- Property damage or injury lawsuits against you (even if the damages happen away from your condo)
- Customizations/upgrades, such as new granite countertops, updated kitchen cabinets (if you alter/change the unit, you will then become responsible for it)
There are plenty of grey areas. Such as if your roof leaks and your furniture is damaged. Your condo association should pay for those damages as the roof is their responsibility. Or, let's say a pipe bursts and damages your upgraded kitchen cabinets. Some associations cover plumbing and electrical. So your association may pay for that. In both situations, your insurance should cover these if your association will not.
Standard condo insurance coverages
These are the basic condo insurance coverages and come standard in your policy.
Your personal possessions
Covers your belongings if they're damaged or stolen
Loss of use
Covers temporary living expenses
Covers lawsuits against you or family members
Covers injuries on your property
Optional condo insurance coverages
You can add any of these coverages to customize your policy based on your needs.
Covers water damage from backed-up sump pumps and sewer systems
Covers uncommon but expensive lawsuits and situations