What does condo insurance cover?
Condo insurance is a type of insurance policy that provides specific protection for a condo owner. Unlike a standard home insurance policy, the dwelling portion of a condo policy only provides coverage for the "studs of the walls in". This means, that if there were a fire in your condominium building and multiple units were damaged, your condo policy may cover damages caused to your interior walls and everything inside your condo.
A condominium policy includes coverage for contents, loss of use, personal liability and medical payments. Unlike a standard homeowners insurance policy it does not offer coverage for detached garages or sheds.
A condo owner may also be required to buy into a master policy that covers the shared parts of the building including hallways, walkways, rooftops, etc.
Related Home Insurance FAQs:
- Why is the replacement cost so high? I didn't pay that much to buy it.
- What does my policy cover?
- After I renovate my home, do I need additional home insurance coverage?
- If my household appliances cause water damage does my home insurance cover that?
- What's the difference between replacement cost and actual cost value?