What Does My Condo Insurance Cover?

Condos can be a dream come true. Not a house but not an apartment either, they are exactly what many people are looking for. You may own a condo, but since there are typically shared items like a pool or gym, there is different insurance for those things through the Homeowner’s Association (HOA). Since the HOA insurance is not all inclusive, it is a good idea to purchase condo insurance as well.

What’s the difference between condo insurance and HOA insurance?

Condo insurance is designed to protect the things that you personally own. HOA insurance should cover communal items. Let’s go through some examples and see which coverage should apply.

Personal Belongings: Condo Insurance ✓                        HOA Insurance

Condo insurance should cover these. You need enough coverage to replace all of your items or to repair them if they are damaged. Many policies will replace your items at their current value at the time the policy was created. For example, if a burglar steals your TV and smashes a vase on the way out, your condo insurance would have to be the one to step in, since HOA insurance would not cover these losses.

Interior: Condo Insurance ✓                                                HOA Insurance

You may be surprised to know that the interior structures of your condo are not covered by the HOA. Flooring, inner walls, cabinets, countertops, lights, etc. are all your responsibility. If the inside of your home is damaged, you will need condo insurance to fix it.

Exterior: Condo Insurance                                                  HOA Insurance ✓

The structure of the outside of your condo building, such as the exterior walls and ceilings, should be covered by the HOA insurance. This also goes for any common areas such as hallways and elevators.

Home Improvement: Condo Insurance ✓                        HOA Insurance

It can be nice to fix your condo up. You may replace the tile in the bathroom or put in an island in the kitchen. Neither of these things, or any other projects, would be covered by the HOA insurance. You can however, get this additional coverage through your condo insurance policy.

Inside Injuries: Condo Insurance ✓                                   HOA Insurance

If your cousin Billy comes over and falls out of your shower, the HOA will not cover his injuries. Condo insurance is the insurance that can provide liability and cover your losses in case of an accidental injury inside the condo.

Outside Injuries: Condo Insurance                                  HOA Insurance ✓

An injury that happens on the common land of the condos should be covered by the HOA. So if cousin Billy falls near the pool instead, his injuries should not fall on your condo insurance.

Amenities: Condo Insurance                                              HOA Insurance ✓

Any common amenity, like a gym or tennis courts, should be covered against damages by the HOA insurance.  

Severe Damage: Condo Insurance ✓                               HOA Insurance ✓

We already know that HOA will cover severe damage to the outside of your condo building. Unfortunately, some damage can be so catastrophic that the HOA insurance will reach its limits. Then, condo insurance can step in and pay the difference.

Loss of Use:  Condo Insurance ✓                                       HOA Insurance

If your condo is damaged to the point that you cannot live there during the repairs, it will take condo insurance to get your additional living expenses covered.

So now you know what your HOA is covering for your condo, and what isn’t covered. If you don’t already have condo insurance, you are probably seriously considering it now! Call an Infinity agent with any questions today at 1-800-INFINITY.

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