Condo Insurance Basics

Condo insurance provides coverage for loss of property resulting from fire, theft, vandalism, and natural disasters such as floods or earthquakes

There are two basic categories of condo insurance policies: the shared policy that covers everyone in the building, and an owner’s personal policy that only covers your personal belongings.

Shared policy: The shared policy covers all of the insured items within the entire building. This type of coverage usually includes things like electrical wiring, plumbing, and the roof.

Personal policy: A personal condo insurance policy covers your personal belongings, such as your clothing and furniture, inside the unit you own. This type of coverage may also extend to cover other structures on the property like a detached garage or shed.

It’s important to note that different condo associations have different insurance requirements; they may offer their own coverage or require owners to procure separate policies. When you purchase a condo, make sure to inquire about the association’s insurance policy or requirements.

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