What Does Condo Insurance Cover?

What Does Condo Insurance Cover?

What Does Condo Insurance Cover?

Here’s a brief look at what condo insurancecovers:

  • Condo insurance can cover everything inside your condo, from computers to carpeting.
  • Personal liability coverage comes standard.
  • Your policy can also cover the cost of temporary housing in the case of a covered loss.
  • Coverage for loss assessments is also available.

Q: If I move into a condo, I’m going to own my individual unit, but not the building itself. So, how does insurance work? What will my policy cover?

Mona Verma, PhD, is a Farmers Insurance® agent in Folsom, California. She explains how condo insurance helps you protect yourself and your property.

A: Condo insurance covers your personal property located inside the unit such as furniture, electronics and clothing. It can also cover installed items — like flooring, interior walls and fixtures — if they aren’t already covered by your building’s master insurance policy. Let’s say the pipe under your sink bursts and floods the kitchen. Everything from your tile and drywall to your stove and refrigerator can be covered.

Just like a home or renters policy, condo insurance includes liability coverage. This provides coverage if you’re ever personally responsible for injury to someone else or damage to their property.

Your policy can also help cover loss of use. If there are renovations or repairs going on in the building that make your condo uninhabitable, you can be covered for the extra expense of living somewhere else temporarily.

Loss assessment coverage helps you protect yourself — for instance — when there’s damage to the building itself that’s not fully covered by the master policy. In this case, the individual owners may have to chip in for repairs. Your portion could be covered under your condo policy when you have loss assessment coverage.

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