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Condo insurance and homeowners insurance are two very different types of policies.

The general rule is that condominium owners have title to the interior of their individual units in their own names. They share common ownership of anything outside of their units like the roof, exterior walls, hallways, parking lots and green space with their condominium association. That’s why condo insurance and homeowners insurance are two different types of policies. Anything on the interior of your condo premises is your option to insure. Anything else outside of your unit is the condo association’s responsibility. The difference is, if you own a home and not a condo, your homeowners insurance covers both the interior and the exterior of the premises.

Since ownership of condominium property is categorized as individual and common, that’s what defines what you want to insure, and what you want to insure is everything inside of your unit. That generally includes:

  • Interior walls, floors and fixtures
  • Any substantial improvements inside
  • Personal Property
  • Liability
  • Loss of use

For any items of special value, like art or jewelry, you might want to obtain special endorsements. Loss of use won’t pay for all of your alternative living expenses if your condo is destroyed, but it will contribute significantly to those costs. Common areas of a condo building might also be destroyed by fire, explosion or a weather event. Should that occur, and common elements coverage isn’t sufficient to cover the association’s loss, you’ll be specially assessed by the association. Loss assessment coverage on top of your other coverage helps you pay that special assessment for such a covered loss. You’ll probably want loss assessment coverage.

Not all condominium insurance policies are alike. Make sure you get the coverage that you want. Coverage should begin at closing. Contact us at (855) 736-3632 we’ll get you a quote!