How condo coverage works
Every condo association carries a master policy, but what it covers varies. Some cover only the exterior and common areas. Others include parts of each unit's interior, like fixtures and cabinets. A condo policy is designed to pick up where the master policy stops.
- Interior and improvements
- Walls, floors, cabinets and upgrades inside your unit, depending on what the master policy covers.
- Personal property
- Your furniture, clothing, electronics and other belongings.
- Liability
- Help if someone is injured in your unit, or you accidentally damage a neighbor's unit.
- Loss of use
- Extra living costs if a covered loss makes your unit unlivable.
- Loss assessment
- Your share of a special assessment the HOA charges owners after a covered loss to shared property.
Before you buy
- Ask for your HOA's master policy. Knowing where its coverage ends helps you choose the right amount for your unit.
- Check the master policy deductible. Some associations pass a large deductible on to owners after a claim. Loss assessment coverage can help.
- Renting your condo out? Let us know, since coverage needs change when a unit is rented.
