What Condo Owners Insurance Covers

Condo owners insurance is a specialized policy designed to financially protect condominium owners from various risks and liabilities. Unlike standard homeowners insurance, condo insurance is tailored to cover the unique aspects of owning a condo unit, which typically involves shared ownership of common areas and individual ownership of a specific unit.

What Does Condo Insurance Cover?

Condo insurance typically includes the following types of coverage:

• Personal property coverage—A key aspect of condo owners insurance is personal property coverage. This coverage can offer financial protection for your belongings, including furniture, electronics, clothing and other personal items, against risks such as theft, fire and vandalism. Should your possessions be damaged or stolen, this coverage can assist in covering the costs of repair or replacement.

• Building property coverage—Building property coverage is essential for protecting the interior of your condo unit. This includes fixtures, flooring, walls and any improvements or upgrades you’ve made to the unit. While the condo association’s master policy typically covers the building’s exterior and common areas, your individual policy covers the interior elements that are your responsibility.

• Liability coverage—Liability coverage is essential for financially safeguarding you against legal and medical costs if someone gets injured on your property. For example, if a guest slips and falls in your condo, this coverage can help cover their medical bills and any legal fees if they decide to take legal action.

• Loss of use coverage—If a covered peril renders your condo uninhabitable, loss of use coverage can assist with the costs of additional living expenses. This can include temporary housing, meals and other necessary expenses while your condo is being repaired.

Learn More

Contact La Oficina Insurance Agency to discuss your policy today.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.