Condo insurance is coverage that helps protect against losses and repair costs for a condominium unit. Condo insurance often provides protection for theft, vandalism, fire damage, water damage, and more.
Condos are a great alternative to renting an apartment or owning a single-family home and they have their own unique insurance needs. But if we may be so bold, after years of dealing with a little, talking green guy, we know a thing or two about "unique."
So take a second to look around our site; you can learn about condominium insurance below, then get a condo insurance rate quote to see if we can help you get the coverage you need to protect your residence and your belongings.
Why do I need condo insurance?
Condo insurance can still come in handy, even if your condominium association has their own coverage. Their insurance might cover the condominium building, commonly owned property, and liability insurance for the association.
Unfortunately, there are many cases where that insurance policy won't cover you or your things—like a break in, water damage to your living room walls, or someone injuring themselves slipping on your wet kitchen floor. That's why you need condominium insurance designed specifically for condo or co-op owners.
Condominium policies help protect your personal property and the interior of your unit. You will also have liability protection for bodily injury or property damage to others. It's easy to get a quote for a condominium insurance policy that will provide these coverages. Need help estimating the value of the contents in your condo or co-op? Try our easy to use personal property calculator.
What does a condo insurance policy cover?
The articles of the condominium association and state law determine exactly what's covered under the association's master insurance policy.
In most cases the association's coverage stops after the exterior walls meaning that you are responsible for the interior walls and possibly for fixtures, as well as your personal property and liability. This is where your own personal condo policy would come in. Most policies will include coverage for losses arising from:
- Fire or Lightning
- Windstorm
- Smoke
- Vandalism or Malicious Mischief
- Theft
- Accidental Discharge of Water
Looking for more detail? Just give one of our sales counselors a call at (800) 841-3005; they'll be happy to provide an in-depth explanation.
Why GEICO?
The GEICO Insurance Agency will help you set up a top-notch condominium insurance policy at a great rate. On top of that, you'll have access to our highly trained service agents. They love to chat about condominium insurance (a rare breed, to be sure!) and they'll be happy to help you make a change to your policy or answer any questions you may have.
Please note:
The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.
FAQs
Condo insurance is coverage that helps protect against losses and repair costs for a condominium unit. Condo insurance often provides protection for theft, vandalism, fire damage, water damage, and more.
What does condominium mean in insurance? ›
Condominium insurance is a type of home insurance policy that covers the policyholder for liability and damage to their condominium unit and contents. Condo insurance is usually a requirement if you are taking out a mortgage to purchase your condominium and it has many advantages.
Is condo insurance the same as homeowners insurance? ›
Homeowners insurance covers more than condo insurance.
For example, was the fence at your condo damaged after a windstorm? The condo association's insurance will probably cover it. If the damaged fence is on your property, your homeowners insurance will cover it.
What is an HO6 insurance policy? ›
HO-6 insurance is basically homeowners insurance for condo or co-op owners. A typical HO-6 policy covers your belongings, liability, and is designed to cover losses to the structure of your unit that your condo association's master policy won't.
What is the rule of thumb for condo insurance? ›
Dwelling coverage applies to the walls and fixtures in your condo. If damage occurs due to a named peril or falls under your open perils list, you can submit an insurance claim. To calculate the amount of dwelling coverage you may want, a good rule of thumb is 20% of the appraised value of your condo.
What does condo mean? ›
What Does Condo Mean? A condo, short for condominium, is an individually owned residential unit in a building or complex comprised of other residential units. Condo owners share a common space and often pay association fees to maintain the common space, amenities, and other shared resources.
What is the difference between HO6 and master policy? ›
HO-6 policies are also called walls-in coverage because they protect your individual unit, while your condo association or co-op association's master policy covers the building's common areas. However, standard condo insurance doesn't apply in certain situations, such as floods.
Why is condo insurance so cheap? ›
Condo insurance is cheaper than homeowners insurance because of one key difference between a homeowners policy (HO-3) and a condominium insurance (HO-6) insurance policy" a condo policy doesn't cover the building. In contrast, a homeowners policy does, increasing the cost of coverage.
Why is condo insurance important? ›
Condo insurance is coverage that helps protect against losses and repair costs for a condominium unit. Condo insurance often provides protection for theft, vandalism, fire damage, water damage, and more.
What is the difference between HO3 and HO6? ›
What's the difference between HO3 and HO6? The main difference between an HO3 policy for a single-family home and an HO6 condo insurance policy is that while an HO3 covers the physical structure of your home itself, an HO6 policy only covers what's inside the walls of your condo.
What Does HOA Condo Insurance Cover? Homeowners association (HOA) insurance, often referred to as the “master policy,” typically covers everything outside a condo unit, such as the building (including the exterior walls and roof) and shared spaces such as hallways, stairwells, elevators and swimming pools.
Does HO6 cover drywall? ›
It will not cover any plumbing, electrical, drywall, flooring, cabinets, personal property, etc…. So if the building needs to be rebuilt, you basically will be left with a shell. Also, if someone slips and falls in your unit, you can be held liable for any damages.
What is the difference between HO3 and HO6 for townhouses? ›
An HO-6 policy covers the interior walls, carpets, countertops, plumbing, cabinets and personal property/contents of your home as well as offers liability protection. An HO-3 policy covers all of the above, plus the roof, frame, foundation, exterior walls, floor, fixtures, property and outbuildings.
What type of homeowners insurance policy is typically required on a condominium? ›
If you have a mortgage on your condo, your lender will typically mandate an HO-6 policy. Additionally, your homeowners or condo association may require certain coverages and limits.
Do most states require home or condo insurance? ›
No, homeowners insurance isn't required by law, but your mortgage company will most likely require it. To officially get a mortgage loan, you'll likely need to provide proof of homeowners insurance that shows you've insured your home from common perils.
What does bare walls coverage mean? ›
Bare Walls: This term means that the Association is covering the structure of your residence into the interior, but only up to and including the drywall. All the things that make your house a home such as: flooring, plumbing and electrical fixtures, cabinetry, etc, must be added to your individual policy.
Why is it called a condominium? ›
As with so many other words in the English language, “condominium” is derived from Latin. “Con” means “together with,” and “dominium” means “right of ownership.” Together you can likely see how a condominium means a person's right of ownership in property together with others.
What is an advantage of condominium ownership? ›
More Affordable Than Single-Family Houses
In larger cities or beachfront locations, a condo can be much more affordable than comparable houses, making it a less intimidating buy for first-time homeowners. In some cities, owning a condo is often cheaper than renting an apartment or buying a townhouse.
What is special coverage A on a condo policy? ›
The Special Coverage A endorsem*nt changes your policy to an open perils policy, meaning the insurance company will cover damage from every peril unless it is listed in the exclusions.
Condo insurance is coverage that helps protect against losses and repair costs for a condominium unit. Condo insurance often provides protection for theft, vandalism, fire damage, water damage, and more.
