A condo is a very special situation from an insurance standpoint. The condo association will have a master policy which covers the property, physical structure, and common areas of the building. This master policy will not cover your possessions, or your legal liability to people injured in your condo. It also may not cover improvements you've made to your specific condo unit.
What Your Condo Insurance Policy Covers
- Personal Property, like your clothing, furniture, electronics, and more.
- Replacement value of your primary home and permanent attachments specified in the policy, up to specified values.
- Bodily Injury in the event someone is injured while on your property.
- Liability for property damage caused by yourself, children, or pets.
- Damage from named hazards such as fire, plumbing freeze, glass breakage, vandalism, or more.
When purchasing a condo insurance policy, make sure you check with your condo association bylaws to make sure you are aware of what parts of the condo are your responsibility. Condo trust agreements will vary.