What does it really cover?

Condominium owner insurance will protect the condo owner from potential losses not covered by the HOA insurance. Your owned property is what is protected in this type of policy. Should you, the condo homeowner be found individually liable for any damages, Condo insurance that will help. For instance, lets say that blaze starts in your condo but also causes damage to a neighbor’s unit, this insurance will compensate.

How Condo Owner Insurance Work?

Condo insurance will also protect you from losses due to  wind, fire, theft, water damage and other covered losses. Should you be faced with loss, you then file a claim with both your condo insurance company and, most likely, the HOA’s company as well. This is due to the fact that claims can often include damage to both interior and exterior areas. Most Condo Insurance policies don’t cover floods and earthquakes and, therefore, separate coverage will be needed to be purchased for such protections.

Several Types of Policies

The kind of policy you choose will depend upon the policy that the building owner or HOA has in place. A bare walls condo policy provides protection that essentially ends at your door. In other words, it will insure everything within your condo walls, including the walls themselves, and fixtures, appliances, flooring, etc.

How ever if the owner of the building or the HOA has as an “all-in policy,” then you will likely just need to cover your own belongings and your various appliances etc.