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What is condo insurance and how much do I need?

Condo insurance could help cover you, your family and property in cases of property damage or liability. While Homeowners Associations (HOA) often only cover certain areas of the property, it may not fulfill your needs if your home experiences damage, theft or an accident.
May 8, 2024
3 min read
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Learn more about the basics of condo insurance coverage including what condo insurance is, what does condo insurance cover, is condo insurance required, and how much condo insurance you need.


About condo insurance

Condo insurance, also known as HO-6 insurance, helps protect your personal property in case it is stolen or damaged. It’s different than homeowners insurance since you don’t need it to cover the exterior of the property. The typical amount of coverage and its cost depends on where you live.

Personal belongings such as clothing, jewelry, electronics, and furniture are usually part of condo insurance coverage. This coverage could also help protect your property from damage from events like:

  • Fire
  • Lightning
  • Windstorm
  • Smoke
  • Vandalism
  • Theft
  • Accidental discharge of water

Additionally, insurance for condos could cover damage to someone else’s property and personal liability. Coverage would apply if your property was found to be the cause for the other property’s damage. Personal liability coverage includes covered accidents in the home that caused someone else harm. Examples of accidents could include animal bites or bumping into sharp objects.

Depending on your policy, condo insurance could include coverage for temporary living expenses. This coverage could kick in when your condo is not livable or is undergoing repair. This may also include meals and hotel stays up to your policy’s limit.


What is not covered under condo insurance

Usually, condo insurance does not cover earthquakes, floods or intentional acts. If you are in an area that frequently experiences floods or earthquakes, it may not be a bad idea to look into extra coverage or see if your coverage provider has bundling options.


Is condo insurance required?

If you have a mortgage, a lender will most likely require condo insurance. Your future HOA could also require it. In general, it’s always a good idea to help protect your personal property since the HOA master policy does not cover everything.

How much condo insurance do I need?

To determine how much condo insurance you may need, consider these steps.

  1. Write out a list of every piece of personal property you own including clothes, electronics, furniture, kitchenware and jewelry.
  2. Provide an estimate of the value and receipts of each item if you have them. Take photos or videos of the items you’re covering with your policy. This could help determine the replacement value.
  3. Assess the cost to repair damage to your unit. Make sure to read your HOA policy to determine if it’s a walls-in or all-in policy. Walls-in policies are usually purchased by condo associations and only cover the exterior and framing of the building. On the other hand, all-in policies cover the condo features inside the unit that are built into the structure. If your future HOA policy is walls-in, assess the value of repairing and replacing items like light fixtures, appliances, cabinets, toilets, flooring, etc.


Next steps

Condo insurance is important for financing and securing your personal items. To better understand what coverage could look like for you, review your condo insurance options. If you’re considering other insurance options, bundling your condo and auto insurance policies could also be a great choice.

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