Condo Insurance

If you want apartment-style living but want to own your own property, then buying a condominium could be the right move for you. Condo living gives you the chance to own your own living space but still get the amenities and low maintenance of living in an apartment building. Because you own the unit, you need to carry condominium insurance to protect your living area and your possessions.

What is it?

Condo insurance is a type of property and casualty insurance that covers the portion of the condo unit that you own and that the building master policy does not cover. It also provides some level of personal liability insurance for you.

Who is it for?

A condominium insurance policy is for a person who owns and lives in a condo unit. If you rent a condo unit or if you own the building in which you live, you need different types of insurance.

How does it work?

Your condo policy covers the portion of the structure that you own as well as your personal belongings. If there is a covered event that damages or destroys your unit, you will need to file a claim with your insurer, which will then determine the level of coverage that kicks in as well as how much you will be reimbursed.


The type of condo insurance policy that you need is mostly determined by the type of condo master policy your building owners association carries. A bare walls master policy basically covers everything up to the interior walls of your unit. If your condo association has this type of policy, then your condo policy needs to cover all interior additions which can include flooring, counter tops and plumbing fixtures. If your condo association has an all-in policy, then you only need coverage of things that aren’t permanent fixtures in the unit, such as appliances and your own personal items.

Major benefits

The main benefit of a condo policy is that it covers the interior of your condo unit against loss. A secondary benefit is the personal liability protection it provides you with.