Condo Insurance Information (ho-6)
Condo Insurance for personal possessions

Condo insurance provides coverage for your possessions. Your furniture, electronics including computers and cellphones, your wardrobe, household goods, and most of the personal possessions you have acquired are covered by the contents coverage part of your condo policy. Your policy will cover you for fire, water damage, theft, and many other perils that can damage your property. Theft coverage usually covers you for theft that occurs away from your premises. Certain types of property are subject to sub-limits, examples include jewelry, electronics, business property, etc., Possessions subject to sub-limits can be insured separately, jewelry/engagement rings are often insured separately, or you can increase the sub-limit. The best way to determine how much insurance is to ask yourself if you had to replace all of your possessions and furniture how much would it cost. We can help you determine the amount of personal property/contents insurance you should buy.

Condo Insurance for walls, floors, built-ins, betterments and improvements

It is important to purchase enough insurance so that you can rebuild your condo should you have a covered total loss, for example, a fire. If a steam or plumbing pipe burst and damages your floor how much would it cost to replace it? The master policy that covers the common areas of the condominium will not be sufficient to provide coverage for the walls, floor, fixtures, built-in, etc. Renovations and upgrades made by you or a previous owner are not covered by the building's master policy. It's important to purchase enough insurance to be able to rebuild the entire unit if you suffer a total loss. Our agents use replacement cost calculators to help you determine the correct amount of condo insurance to purchase.

Condo Liability insurance

Liability insurance provides coverage for lawsuits filed against you or resident family members for property damage or bodily injury that you may be liable for. If you let your tub overflow and damage the apartments below you the liability portion of your condo policy may be able to cover the cost of the damages. If a guest slips and falls in your apartment you may be liable, these types of mishaps are covered by the liability part of your condo policy. Liability insurance will pay for the cost of defending you in court and pay any court awards up to the limit of your policy. Liability insurance has limits, they usually start at $300,000 can go as high as $1,000,000 or more. It will not provide coverage for lawsuits related to business activity, the use of motor vehicles, and certain other types of losses. Generally, your liability limit should match the value of all your assets. We can help you choose the proper limit.

Additional Living Expense Coverage

If a covered loss damages your condo and you can’t live in it while it is being repaired, additional living expense insurance pays the added expense of living away from home. It will pay for temporary living arrangements and/or hotels, the extra cost of meals, and other extra living expenses incurred while your condo is being rebuilt.

Condo Insurance FAQ

What will condo insurance cover?

Condo insurance provides many coverages. The most basic coverages are for your personal possessions, the inside parts of your apartment, walls, floors, upgrades by you or a previous owner, builtins, floors, etc., and personal liability that will cover certain lawsuits brought against you, if your tub overflows and damages the units below you your condo policy will cover you if you're liable.

What types of losses am I covered for?

The property portion will pay for losses from fire, smoke, lightning, theft, vandalism/riot, wind & hail, damage from the freezing of plumbing and heating systems, water damage from rupture of water and steam pipes, and much more. The liability apportion of your policy will pay for certain settlements that you are liable for and the defense costs.

How much does condo insurance cost?

We have policies that cost less than a dollar a day and others that cost much more. Typically, they cost between $350 to $550 per year. The price depends on the limits of insurance you need. You should purchase enough dwelling or betterments & improvements insurance to rebuild the unit should you suffer a total loss. Your contents coverage should be sufficient to replace your personal possession. The liability limit should match the value of your assets. Our agents can help you determine the correct limits of insurance to purchase

What discounts are available to condo owners?

Insurance companies will offer you discounts if your building is fire resistant, has a doorman or full time security, or if you subscribe to a central station alarm service that monitors for fire and/or burglary."

Why do I need loss assessment coverage for my condo?

If your condominium association assesses a loss to each unit owner due to an insured loss, assessments coverage can help pay your share. This coverage will only pay when the building master policy has exhausted its limits. The Included limits vary from company to company with an option to increase. This insurance does not cover upgrades or maintenance to the building."

Does condo insurance provide liability for dogs?

Yes, in most cases the liability portion of your policy will cover you for suits brought against you for dog bites. They can ask if the dog has a past history of violence and/or has vicious tendencies and can refuse to issue a policy based on those questions."

Does Condo insurance cover you if you rent out your apartment?

If you are planning to rent your condo your policy should be set up for that type of exposure. We offer policies for owners that rent their condo on a long term basis. Some policies will cover you for lost rents in certain conditions."

Does condo insurance cover me for Airbnb or short term rentals?

It depends on the insurance policy. We work with insurance companies that can insure you if you rent your apartment on a short term basis."

Will my insurance pay for temporary housing if something happens to my condo ?

Our policies include coverage for loss of use or additional living expenses if you can not occupy your apartment due to a covered loss. Some of our carriers limit this coverage with a set dollar amount while others limit it by time."