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What does condo insurance cover?
Condo insurance should cover what the Homeowner Association insurance doesn’t. This varies from association to association but they often fall in one of two categories:
Covers the structure as well as things like appliances and carpet but does not include any of your personal property.
Does not cover anything within the walls of your unit. It may not even cover the plumbing or electrical, so it is important to review the policy with an experienced insurance professional.
Depending on which category your HOA insurance falls into, you’ll want to have coverage for things like:
Protects you in the event you are deemed responsible for damages or losses caused by you, a family member, or often times, even a pet.
Personal Property Coverage
Pays for damage or theft to your personal property, such as furniture, clothes, electronics, etc.
Covers the full value of your jewelry items, including for disappearance or theft.
If your HOA makes an insurance claim, you may be assessed for a portion of the HOA policy deductible. This coverage on your personal policy can cover that expense.