What is Condo Insurance?
Condo insurance - formally referred to in the industry as an HO-6 policy - is a type of residential coverage designed specifically for condominium and co-op unit owners. It helps protect against financial losses resulting from damage to your unit's interior, theft or loss of personal belongings, and liability claims that arise within your home.
Coverage Highlights
- Covers the interior of your unit, including walls, flooring, fixtures, and built-in appliances.
- Protects personal belongings such as furniture, electronics, clothing, and valuables.
- Provides liability protection if a visitor is injured inside your unit or you accidentally damage someone else's property.
- Designed to complement - not duplicate - the master policy held by your condominium association.
Owning a condo comes with a distinct set of insurance needs that differ from both renting and owning a single-family home. An HO-6 policy is built to address those specific circumstances.
Why Do I Need Condo Insurance?
Many condo owners assume that because their building has association coverage, they're fully protected. In reality, the association's master policy typically covers shared spaces and the building's exterior - leaving the interior of your individual unit, your personal property, and your personal liability largely unprotected.
Your Unit's Interior Isn't Covered by the Association
In most cases, the association's master policy stops at the exterior walls of your unit. Interior walls, flooring, cabinetry, and fixtures are typically your responsibility - and your condo policy is what covers them.
Your Personal Property Is Your Own Responsibility
If someone breaks into your unit and steals electronics, furniture, or valuables, the association's policy offers no reimbursement. Your personal condo insurance is what replaces those items.
Liability Claims Can Happen Anywhere
If a guest slips and falls inside your unit, or water from your unit leaks into a neighbor's home, you could be personally liable for the resulting costs. Personal liability coverage within your condo policy protects you in these scenarios.
Water Damage Is a Common Exposure
Accidental discharge of water from plumbing, appliances, or HVAC systems is one of the most frequent sources of condo-related claims - and it's typically not covered under the association's policy for individual units.
A personal condo insurance policy closes these gaps, ensuring you're protected where the association's coverage ends.
What Does Condo Insurance Cover?
The exact scope of coverage depends on the specific policy you select and the terms of your condominium association's master policy. However, most standard HO-6 policies provide protection for losses arising from the following causes.
Covered Causes of Loss
- Fire and lightning damage
- Windstorm and hail
- Smoke damage
- Vandalism and malicious mischief
- Theft or attempted theft
- Accidental discharge or overflow of water from plumbing, HVAC, or appliances
- Severe weather events
Personal Property Protection
Most condo policies cover personal belongings including clothing, furniture, electronics, and other household items. Coverage typically applies within your unit and, in some cases, extends to belongings that are damaged or stolen while temporarily outside your home - such as items in your car or a hotel room during travel.
Personal Liability Coverage
If someone is injured in your unit or you accidentally cause property damage to a neighbor, liability coverage can help pay for medical expenses, repair costs, and legal defense if a lawsuit arises.
The scope of the association's master policy - determined by the association's governing documents and applicable state law - directly affects how much your personal condo policy needs to cover. Reviewing both documents together gives you a complete picture of your protection.
What Condo Insurance Doesn't Cover
A standard condo insurance policy provides broad protection, but it is not without limitations. Understanding what's excluded helps you identify whether additional coverage is needed.
Earthquake Damage
Damage resulting from earthquakes is generally excluded from standard HO-6 policies. Separate earthquake insurance is available for unit owners in higher-risk regions.
Flood Damage
Flooding caused by rising water from external sources - such as storm surges or overflowing rivers - is not covered by a standard condo policy. Flood insurance through a dedicated policy is the appropriate solution.
Intentional Acts
Damage deliberately caused by the policyholder or anyone acting on their behalf is excluded from coverage under all standard residential insurance policies.
Building Structure and Common Areas
The physical structure of the building and shared amenities - elevators, lobbies, parking structures, pools - are the responsibility of the condominium association and covered under its master policy, not your personal HO-6.
High-Value Items Beyond Standard Limits
Jewelry, fine art, collectibles, and other high-value personal property may exceed the standard per-item or category limits built into a basic condo policy. Scheduled personal property endorsements or floaters can be added to cover these items at their full appraised value.
If any of these exclusions are a concern for your situation, speak with an insurance specialist about the appropriate add-on coverages or separate policies that can fill those gaps.
Frequently Asked Questions
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YOUR CONDO IS HOME - PROTECT IT LIKE ONE.
The Fortis Insurance helps condo and co-op owners find HO-6 coverage that fills the gaps left by their association's policy. Get personalized protection for your unit, your belongings, and your peace of mind.
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