Condominium living combines convenience with shared responsibilities. While the condo association usually handles exterior maintenance and common areas, obtaining condo insurance is essential to protect your personal belongings, structural enhancements and personal liabilities.

What Does Condo Insurance Cover?

Condo insurance policies typically offer the following types of coverage:

• Personal property coverage—This aspect of condo insurance is crucial for financially safeguarding your personal belongings. If events such as fires, theft or vandalism occur, your policy may replace or repair items like furniture, electronics, clothing and other possessions. To ensure sufficient coverage, create an inventory of your belongings and assess their value.

• Personal liability coverage—Condo insurance may include liability coverage, helping to protect you from financial consequences if someone gets injured while on your property. If you’re held responsible for injuries or property damage, your insurance can cover medical expenses, legal fees and related costs. Personal liability coverage is essential for asset protection and financial security in potential lawsuits.

• Additional living expenses coverage—If a covered incident renders your condo temporarily uninhabitable, this coverage can assist with supplementary living expenses. It may cover costs like temporary lodging, meals and essentials while your unit undergoes repairs or reconstruction.

What Does Condo Insurance Exclude?

Standard condo insurance exclusions and limitations include:

• Flood and earthquake damage—Condo insurance typically won’t cover losses due to floods, earthquakes or related events. Separate policies may be available.

• High-value items—Some personal property, especially high-risk or high-value items, may be excluded or have low coverage limits under your contents coverage.

• Maintenance issues—Condo insurance doesn’t cover routine maintenance or wear and tear.

• Personal injury liability—While liability coverage helps with expenses stemming from injuries to guests, it doesn’t cover personal injury liability within your household.

Where to Get Condo Insurance

Contact Abbott Insurance to discuss your condo insurance policy today.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.