As a condominium owner, you are responsible for insuring the interior of your unit against damages.
In most cases, the building’s structure and common areas are protected under a “Master Condominium Policy” held by the condo association. But nearly every condo association requires residents to have their own insurance covering the interior construction of their units.
At Marilyn Todd Insurance, a Georgia-based Allstate agency, we understand the unique insurance needs of condo owners. We can help you find the right coverage for your condo unit at an affordable price.
What Does Condo Insurance Cover?
Condo insurance policies vary, but most will cover damages to your unit caused by:
- Fire or smoke
- Wind or hail
- Theft or vandalist
- Water damage (from leaks, burst pipes, etc.)
Some policies will also cover additional expenses incurred if you have to temporarily relocate due to damages to your unit.
What Doesn’t Condo Insurance Cover?
Condo insurance generally does not cover damages caused by:
- Floods
- Earthquakes
- Sinkholes
If you live in an area prone to these natural disasters, you may need to purchase separate insurance policies to protect your condominium unit.
How Much Does Condo Insurance Cost?
The cost of condo insurance depends on a number of factors, including the value of your unit and the level of coverage you need.
Condo insurance FAQs (Frequently Asked Questions)
Who needs condo insurance?
If you own a condominium unit, you are responsible for insuring the interior of your unit against damages.
What is a master condominium policy?
A master condominium policy is a policy held by the condo association that covers the building’s structure and common areas. In most cases, condominium owners are responsible for insuring the interior of their units against damages.
I’m a tenant in a condominium unit. Do I need insurance?
As a tenant in a condominium unit, you are responsible for insuring your personal belongings against damages. Your landlord’s condo insurance policy will not cover your personal belongings. You may want to purchase renter’s insurance to protect your belongings.
Condo Insurance Related Terms
Condo insurance
A type of insurance that covers the interior of a condominium unit against damages.
Master condominium policy
A policy held by the condo association that covers the building’s structure and common areas. In most cases, condominium owners are responsible for insuring the interior of their units against damages.
Deductible
The amount you are responsible for paying out-of-pocket before your insurance coverage kicks in.
Coverage limit
The maximum amount your insurance policy will pay out for a covered claim.
Premium
The amount you pay for your insurance policy.
Renter’s insurance
A type of insurance that covers tenants’ personal belongings against damages.