Condo Insurance

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What you need to know about condo insurance


A condo is like an apartment, the difference being that you own the unit. And because you have ownership of the property, it needs to be insured to protect your investment. That's where condo insurance comes in.

What is it?

Insurance for your condo is a type of insurance that covers the individual unit you live in. Your policy will pay to cover your belongings and the fixtures in the unit. Depending on the policy, it might also cover the walls and what's in them. In addition, condo insurance offers a level of personal liability coverage to protect you from an event such as someone getting injured while in your condo.

What people need it?

An insurance policy for a condo is for someone who owns and lives in his or her unit. If you own the condo building, you need a different type of policy. You also need a different type of policy if you rent the condo rather than own it.

How does it work

A condo policy works much like other property insurance such as homeowners or renters insurance. If you sustain damage to your condo that you think is covered under the policy, such as fire or weather damage, you must contact your insurer and file a claim. The insurer will evaluate the damage and then either pay for repairs or offer you a settlement check minus what you owe for your deductible. If it's a personal liability claim, the insurer will represent you in negotiations and court if necessary and then pay up to the policy limit for any settlement or court judgement.

Types of policies

There are two main types of condo policies. An all-in policy covers everything in your unit, including the walls and what's in them, such as the pipes. A bare-walls policy mostly covers your possessions and fixtures in the condo. The kind of insurance you need depends on what insurance the building owner or condo owners association carries. Major benefits The top benefit of having a condo policy is the protection of the things in your unit. A secondary benefit is the personal liability protection you get.


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