What Does Condo Insurance Cover?

Condo Insurance Coverage

Condo insurance covers your liability, protects your belongings, and insures everything in your unit that is not already covered by the master (association’s) policy of the building.

The master policy from the management or building association covers only the structure and common spaces. This will include the elevator, walkways, boiler, roof basementWhile some policies will cover the walls and floors of your unit, others may include the original fixtures as it was built. You may have to cover the plumbing, wiring, and appliances. Any renovations and additional furnishings will need to be covered under your individual policy.

Personal Property

Your condo insurance protects your belongings in the event of unintentional damage and damage from any of 16 covered events, including fire, vandalism, and theft. Your unit is also protected for the same covered events. 

Valuable Articles

In addition to your personal property, you might need special care for antiques and expensive items. Valuable articles coverage protects you in the case of loss or theft of your jewelry, art, and other valuable items.


One of the most important aspects of property insurance is liability coverage. In the event that someone is injured in your unit, you are covered for liability if you are found liable for damages in a lawsuit. This is also important if you were to cause accidental damage affecting a neighboring unit. Your liability coverage would protect you from liability in those cases. Comprehensive personal liability or umbrella liability are also available to protect you if you are sued for anything related to your condo.

Additional Living Expenses

If your unit becomes uninhabitable due to any covered event and needs to be repaired or rebuilt, your condo insurance will pay for additional living expenses. This means your hotel room, temporary living arrangements, and restaurant meals can be covered until you are able to move back into your space.

Loss Assessment Coverage

It is important to consider protecting yourself against lawsuits against the building. Loss assessment coverage covers damage to common areas if the association’s master policy does not cover the full cost.  Unit assessment reimburses you for the mandatory assessment after a covered loss. It also covers you if a lawsuit is brought against the association.

Additional Considerations

Water backup and flood protection may be options to consider. These are not covered under your condo policy but could be important based on the location of your condo. If you live in an area that has a high flood risk, look into flood insurance from the National Flood Insurance Program. All policies are priced around $690 annually, and when floods cause intense damage, this could make a big difference in protecting your assets.

For all of your property and casualty insurance questions, contact an agent with Redwood Agency Group.