Condominiums occupy a special category in real estate. They’re not apartments. But they’re not single family homes either. So it’s no surprise they have their own unique category in insurance, too.
Unlike your home insurance policy, your condo policy works in conjunction with your master homeowners association (HOA) policy to provide protection for your condominium. The HOA policy is responsible for the exterior, and your condo policy is for protecting the interior of the condominium, your personal property along with several other important coverage
Personal belongings like clothing, electronics, furniture, appliances, tools, and power equipment are all covered by personal property coverage on the condo policy (up to the limits purchased) They’re covered most times even if they aren’t in the condo when damaged.
Example: A water leak happens in your bedroom and your clothes, furniture, and audio and video equipment are damaged. If a covered loss, your condo insurance may cover these items up to the limits purchased.
Condominium insurance rates vary depending on many factors including: how much it would cost to rebuild your unit, the condition and age of your condo, and your location. But great news! Most insurance companies offer discounts and savings to help make your condo policy affordable.
Your homeowners association (HOA) likely has insurance that covers general risk in your building. A condo association policy is maintained through HOA fees that the collective condo owners pay. Basically everyone pays a little to insure the community.
Make sure you ask questions and understand the HOA insurance policy. It helps to know exactly what to expect of your HOA. Most HOA’s will cover common areas and the exterior structure, but the homeowner remains responsible for the interior.
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