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Types of Condo Insurance Coverage

Condo and co-op units are typically at risk to the same types of disasters, damages, and liabilities as any other residence. Whether you are renting or a condo homeowner, you’ll want to make sure you have a good understanding of your HO-6 insurance needs and options. Before putting together a list of condo insurance quotes, you may want to consider the following:

 

What does your condo association cover

Most condo associations provide coverage for common rooms and exterior damages, but you will want to review your association’s specific coverage to know what you will be responsible for protecting.

 

Whether or not you need additional coverage

Maybe your condo is situated in a floodplain or near a Faultline and you need specialty coverage; maybe your unit has a steep hill for a driveway, and you think you’ll need additional liability insurance, just in case. Your situation is unique, working with an expert can help ensure you have the coverage you need, and you avoid overlooking a potential problem that could leave you underinsured.

 

What personal belongings you want protected

Maybe you have a special family heirloom, jewelry, or another expensive item you want protected, make sure your condo insurance policy’s personal property coverage is adequate to replace or restore it in the event of damage, destruction, or burglary.


Considering Condo Insurance Protection

Condo insurance will provide coverage for damages caused by fire and smoke, most weather (except earthquakes, flooding, and, in some states, hurricanes), theft and vandalism, and a frozen or burst pipe. What you want to make sure is that each type of condo insurance coverage provides you with the right amount of protection. Let’s walk through what types of loss and liability are covered:

Building Property Coverage

This coverage includes walls, floors, cabinetry and just about any other physical fixture on the interior of your condo.

Personal Property Coverage

Whereas the building protection coverage protects you from losses on the physical structure of your condo’s interior, this coverage protects your personal belongings in the same way.

Personal Liability Coverage

If someone is hurt or suffers damages on your property, you may be held liable – this coverage protects you and your assets from serious financial harm.

Displacement

If there is a fire, burst pipe, or other event that makes your condo unlivable until repairs are completed, condo insurance policies will often cover the cost to make other living arrangements until your condo is fit to return to.

Loss Assessment

This is a catch-all coverage for incidents that exceed your condo association's coverage, including extreme damage or a shared liability that does not qualify for coverage in the association’s policy.

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Condo Insurance Policy Restrictions

HO-6 insurance coverage protects an individual condo unit or other types of co-op units (where you are a shareholder rather than an outright owner of your individual unit) but just because something causes damage to your unit doesn’t mean condo insurance will cover it. Here are some common occurrences NOT covered by condo insurance:

Poor Maintenance

Damage due to a lack of maintenance will not qualify under HO-6 insurance claims.

Sewer Backups

Back up of sewer and drain coverage can be purchased. It is not considered wear and tear. If water backs up from a sewer or drain and does damage it is excluded. However coverage can be purchased to cover this type of loss.

Floods & Earthquakes

Just like other property protection, these two natural disasters have their own special coverage you will need to add on to your condo insurance policy for protection.

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How to Reduce Your Condo Insurance Cost

This is a catch-all coverage for incidents that exceed your condo association's coverage, including extreme damage or a shared liability that does not qualify for coverage in the association’s policy.

  • Location, location, location. Where your condo is located plays a role.
  • If you are willing to pay more out of pocket up front, you can reduce your total cost.
  • The number of claims you file in a given year will affect the policy cost, make sure you think through what claims are worth filing and which ones you can cover out of pocket (don’t forget that you need to meet your deductible first).
  • Your credit plays a role in determining your premium, the better your credit score, the lower the cost for your condo insurance.

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Frequently Asked Questions

Answers to Frequently Asked Condo Insurance Questions

How much is Condo Insurance?

Rates vary from state to state, but the national average is about $625 per year for a top-end condo insurance policy.

How much Condo Insurance do I need?

Condo insurance coverage needs will depend on your unique situation. Many condo insurance policies offer $300,000 in liability with $1,000 deductible and vary on personal property coverage depending on what you want to protect.

Is a townhouse a condo for insurance?

Typically, townhouses require homeowner’s or renter’s insurance, but there may be situations where your townhouse is part of a co-op and might qualify for condo insurance.

Do you need Homeowners Insurance for a condo?

No, homeowners insurance is not required. Condos entail a unique form of insurance because the condo association does provide some protection. When more comprehensive coverage is needed, you will want to explore condo insurance.

What does Condo Insurance cover?

Condo insurance coverage typically includes protection from damages caused by fire, smoke, vandalism, most weather damage, and frozen pipes. Condo insurance also covers loss due to theft and liability in the event that someone is injured in your condo.

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