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Condominium owners need specialized homeowners insurance. Condo insurance is a policy that will cover the areas of the property that are not covered by the condo associations policy. A condo owner will need to purchase coverage for their own personal belongings, as well as other personal touches or upgrades that you have done to the unit.

Condo Owners Policy vs. Condo Association’s Master Policy

Even though condo owners insurance will cover your personal unit, the condo association has coverage to insure other areas of the property. This normally includes the buildings interior and exterior walls, elevators, roof, floors, and basement. In addition, outdoor amenities may be covered as well, including walkways, gazebos, and picnic areas. As a condo owner, you need to see what exactly is covered via the condo associations policy and then use your insurance to fill in the gaps.

What Situations Does Condo Insurance Cover?

A condo owner policy will compensate and cover damage from natural events, such as windstorm, hail, fire, or lighting, as well as damage from theft and such things as frozen plumbing lines. In addition, it will cover the theft of a property guest while they are staying in the condo. A basic policy doesnt normally cover things like earthquakes or floods, so it is important to evaluate whether you will need this type of coverage. As long as the owner does not intentionally cause the damage, then it will probably be covered. An additional policy can cover other eventualities, such as injuries to visitors, etc.