When you’re comparing condo owners insurance and a standard homeowners insurance policy, are they different? Yes. When you’re insuring a condo you are only working within the space that you own and are then responsible for.
Condo insurance covers damaged or stolen belongings, as well as liability costs if guests are injured in your home. As a condo dweller, you don’t own the structure you live in or the land its on, meaning you are usually only insuring walls in leaving it up to the condo or homeowners association to carry a master policy to insure studs out.
What is Condo Insurance?
Condo insurance covers what your Condo Association Master Policy won’t, like repairing the inside of your unit after disasters, replacing damaged or stolen belongings and paying liability costs if guests are injured there. Many times, part of your condo fees will go toward a master policy to insure the exterior of the structure in the event of damage. Examples of what would fall under the COA’s jurisdiction are damage to the roof, exterior walls, hallways, elevators, and other common areas such as tennis courts, swimming pools or lobbies.
What to read next:
- 5 Things You Should Know About Condo Insurance
- Just Because You’re a Renter Doesn’t Mean You Don’t Have Insurance Needs
- Evaluate Your Property and Consider Flood Insurance
What’s Covered in my Condo Owners Policy?
Usually your own policy on your condo will cover three things: your personal property, loss of use to cover living expenses in the event that damages force you to vacate for a time and in the event of damages if someone sues you due to negligence.
Below are some common problems that would and wouldn’t be covered with a typical condo owners insurance policy:
- Fire and smoke
- Wind and hail
- Burst pipe
Usually not covered:
- Intentional injuries to others
- Nuclear hazards
- Damage from birds, rodents and insects
- Wear and tear
- Damage from underground water
Is Condo Owners Insurance Required?
Current laws do not require you to carry an insurance policy as a condo owner. Similar to homeowners insurance, a mortgage lender will commonly require you to purchase a policy to protect their financial investment through the length of your loan.
Questions? Want to learn more? Here’s 4 easy ways to reach us:
PS Here’s a few words from one client that trusts Stromsoe Insurance Agency:
“Stromsoe Insurance is a reliable agency, it has provided fast and excellent service and made the process of finding the best homeowners insurance for our home. Thank you Maritza for taking care of our insurance needs!”
Betty Harrington – Murrieta, CA – Client Since 2014
PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!