What is Condo Insurance?
When you own a condominium, you — not your condo association — are responsible for what’s inside your condo. That’s why
having a personal condo insurance policy is important.
Condo associations have master policies that cover the property, common areas and physical structure of your building.
However, these master policies do not cover your personal property or your legal responsibility to others, and they may not
cover improvements or customizations to your unit.
That’s where condo insurance comes in.
As you get condo insurance quotes while shopping for a condo insurance policy, you’ll typically select from available
coverages, such as:
A basic condo insurance policy will cover damages to most of your personal belongings, as well as walls, floors, ceiling
coverings, etc. Most condominium by-laws or trust agreements state that the condo owner owns or is responsible for
everything within the unit, including permanently attached fixtures and improvements.
With condo insurance, sometimes called an HO6 policy, damage to improvements, additions and alterations of your unit are
covered. Your condo insurance policy also covers your belongings and the structural parts of the building that you own.
Before you shop for condo insurance, take an inventory of what you own to decide what level of coverage makes you
What about Townhouses?
What about townhouses?
If you own a townhouse, you can insure it with a homeowners insurance policy or an association master policy, depending on
your situation. Some townhouse associations have master policies, in which case you should purchase a tenant homeowners
insurance policy to insure your personal property. Other townhouse associations do not have master policies, which is when
you should purchase a homeowners insurance policy for your unit. Check with your association to determine which type of
policy you should purchase for your townhouse.