Condo

Why Should I Get Condo Insurance?

A condo association’s master policy usually only covers the building’s exterior, roof, and shared common areas, not the interior of your individual unit. That means if you own your condo, you need condo insurance (HO-6) to protect what’s inside your walls. This policy covers your unit’s interior features like cabinets, flooring, and fixtures, along with your personal property and personal liability. This coverage is designed for condo owners, not tenants, and fills the gaps left by your association’s master policy.

What risks Do Condo Insurance Policies cover?

A condo (HO-6) policy covers the parts of your unit that belong to you such as the walls, floors, built-in fixtures, and personal property inside. It typically protects against losses from fire, smoke, theft, water damage from plumbing, windstorms, and other covered perils. It also includes liability coverage in case someone gets injured inside your unit, as well as loss-of-use coverage which helps pay for temporary housing if a covered claim makes your home uninhabitable. Whether you own a high-rise condo in the city or a townhouse-style unit in a shared community, condo insurance helps safeguard your investment and peace of mind.

online Government Resources

For a detailed overview of condo owner insurance from a trusted government source, check out the New York State Department of Financial Services — “Homeowners & Tenants Insurance Guide” and see the section titled “Condominium Policies (HO‑6)”. For New Jersey unit‑owners, the New Jersey Department of Banking & Insurance — “Condominium Unit Owners Insurance” PDF explains how typical HO‑6 policies cover your interior walls, personal property and liability, separate from the condo association’s master policy.

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FAQs

1.) What does a typical condo insurance (HO-6) policy cover?

Under a condo insurance (HO‑6) policy, the insured is the condo unit owner, not a tenant, unless the unit owner lives in that condo. It covers the owner's personal property, personal liability and defense costs if they’re sued for injury or property damage. It also covers loss of use or additional living expenses that pay reasonable temporary living costs if the condo is uninhabitable after a covered loss, as well as improvements and betterments that the owner installs. Optional endorsements can extend basic protection for things like water backup, ordinance or law, and higher limits for specific valuables. The exact coverages and exclusions vary by carrier and the particular policy, so read the declarations page and endorsements carefully.

2.) How does liability coverage protect me?

Condo insurance includes liability protection if someone is injured inside your unit or if you accidentally damage another unit or shared property, helping cover legal fees and damages.

3.) Replacement cost vs. actual cash value - what should I choose?

Replacement-cost coverage reimburses you for the cost to repair or replace covered personal property without deduction for depreciation, while actual-cash-value (ACV) pays replacement cost minus depreciation. Replacement cost yields higher payouts at claim time and higher premiums. For many people, the modest additional premium for replacement cost is worthwhile because ACV often leaves you underinsured after depreciation is subtracted for older items.

4.) What is loss-of-use coverage in condo insurance?

If your condo becomes uninhabitable due to a covered event, loss-of-use coverage helps pay for temporary living expenses such as hotel stays or rent until your unit is repaired.

5.) Are floods or earthquakes covered by condo insurance?

Standard condo insurance policies usually do not cover a flood or earthquake. In New York and New Jersey, you may need to purchase separate insurance policies to protect against these risks.

6.) Who pays for damage to the building or structure?

The building owner’s property insurance should cover damage to the physical building, its foundation, and permanent fixtures. Your condo insurance policy usually only covers your unit's interior walls, your personal property and your liability. So, if a pipe bursts and ruins the walls and your belongings, the building owner's property insurer addresses the building repairs while your policy addresses your possessions & possible additional living expenses.

7.) Can condo insurance cover improvements I make to my unit?

Yes. Many policies allow you to insure upgrades such as custom cabinets, flooring, or built-in appliances. Be sure to review your policy limits and coverage options for renovations.

8.) How should I document my belongings to support a claim?

Documenting your belongings means creating a dated inventory with photos or video showing each room and high-value items, keeping receipts and serial numbers where possible, storing backups of the inventory off-site or in cloud storage, and keeping purchase records for big-ticket items to make proof-of-loss straightforward if you need to file a claim. Insurers will ask for proof and an organized inventory speeds up the process and improves settlement outcomes.