Condo Owners Insurance Gaps

Home Tool Kit


Owning a condo is a solid investment and a great way to build equity. With a condo association looking out for you, there’s almost nothing else to worry about…unless you want to protect your stuff too.

Many condo owners look at their condo association’s insurance as a catch all, built to cover your condo and everything in it. But typically, that coverage has limitations, and does not include your personal property, and might not include anything else you’ve added that wasn’t there before.

So what?

Your condo is your home, and you spend your hard earned money and time making it your own. Maybe you’ve filled it with furniture, appliances, artwork, and electronics. Maybe you’ve made some structural improvements like renovating your kitchen. What would happen though, if a fire or a break-in left you with lost, stolen or damaged property? Do you have enough money saved up to get you back to normal? Your condo association insurance policy won’t cover your personal possessions or renovations.

That’s a major coverage gap!

As a condo owner, how do you cover your personal property?

Answer: Condo insurance

Condo insurance is an affordable way to cover your personal property and your liability, to make sure you’re not left exposed to risk if something were to happen.

Designed just for condo owners, it works to cover:

  • Personal property. Coverage even extends beyond the walls of your condo, covering your stuff if it’s in your car, or anywhere outside your home (up to your coverage limits). Unique valuables, like jewelry, artwork, and musical equipment might need extra coverage…so make sure to cover that gap too.
  • Personal liability. If someone gets hurt due to a negligent act, you could be responsible…and they could sue. Liability coverage helps protect your financial assets if that ever happens.

To get a better idea of the limits you’d want, take a home inventory and see how much stuff you really have. Then talk to a Farmers agent and see how Condo insurance could fill gaps in your coverage.


The information contained in this page is provided for general informational purposes only, and is not meant as professional or expert advice. Every attempt is made to ensure accuracy and timeliness, however all content is presented without guarantees.