Condo Insurance

The Need for Condo Insurance

Buying a condo is a large investment. That’s why it’s a good idea to have condo insurance. This coverage provides financial assistance for repairing or replacing your personal belongings. There should be an existing policy for public spaces in the condo, but that coverage doesn’t include your private space. Your space is your responsibility.

A condo policy is insurance specifically tailored to owners of condominium units. The policy may cover your personal belongings, fixed items in the unit, such as walls and floors or both. You should also have liability coverage.

If your condo unit is damaged or destroyed, you can make a claim. As long as the insurance company approves the claim, then they will help you. They will pay some expenses minus your deductible. In the event of a personal liability claim, your insurer will negotiate and then pay a settlement or defend you in court.


There are two types of condo insurance: an all-in policy and a bare-walls policy. The type you need depends on the building owner or condo owner’s association policy. If they have an all-in policy, then you need a condo policy that insures your own personal possessions. If the association has a bare-walls policy, then you need a policy that covers walls, floors and fixtures as well as your possessions.

Without condo insurance, you run the risk of losing everything in the event of a disaster. Check into buying condo insurance before disaster strikes.