Condo Insurance

Condo owner insurance is also referred to as "Homeowners Form 6" or "unit-owner" insurance. The major difference between condo owner insurance and homeowners insurance is that most condo owners have insurance through their homeowner's association (HOA) that covers the unit's exterior structure, most commonly known as a master policy. A basic condo owner insurance policy will cover for damages to most of your personal belongings, as well as walls, floors, ceiling, cabinets, etc., which is not covered under the condo association master policy. The important part is making sure you have enough coverage for the interior structure of your unit. You should also consider higher personal liability and loss assessment limits.

Available Coverages
  • Personal Property
  • Replacement value of your primary dwelling and specified permanent attachments up to a specific value
  • Bodily Injury
  • Liability for property damage
  • Damage protection from dangers, such as fire, plumbing freezes, vandalism, theft, glass breakage, etc.
Additional Coverage Options
  • Increased dwelling coverge for the interior of your unit
  • Umbrella Liability - An inexpensive way to get more liability protection and broader coverage than is included in a standard condo owner insurance/co-op policy.
  • Flood or Earthquake - Many condo owners are under the false impression that condo owner insurance covers damages sustained during a flood or earthquake. A condo owner insurance policy will not protect you for these damages, coverage must be obtained by a separate policy.
  • Personal Property - If you own expensive jewelry, furs or collectibles, you might consider getting additional coverage since there is generally a $1,000 to $2,000 limit for theft of jewelry on a standard polcy.
  • Increased Loss Assessment coverage
Frequently Asked Questions

There is a significant coverage gap between a condo association's insurance (Master Policy) and your personal condo owner insurance policies. The condo association usually covers the common areas you share with others in your building such as the roof, basement, elevator, boiler, or walkways for both liability issues and physical damage, but does not cover much else. Condo owner insurance covers a condo owner for direct damage to personal property, personal liability coverage, and medical payments coverage as outlined in the policy. It may also provide additional living expenses if you are the victim of fire, theft, or other loss listed in your policy.