Condo insurance, sometimes referred to as HO-6 insurance, is like homeowners' insurance for people who live in condos. Condo home insurance covers many of the same things a homeowner’s policy does: damage from fire, water, theft and vandalism. It covers the parts of your condo that are not the responsibility of the homeowners’ association: the inside walls, plumbing, electrical and your possessions.
Owning a condo includes a unique set of responsibilities. You share property ownership with all the other unit owners, and rules are set by the homeowners’ association. Condo insurance fits this unique niche of property ownership, covering your liabilities and potential losses.
A licensed, independent agent near you will be able to provide you condo insurance coverage. Your agent will first review your needs and the requirements of your homeowner’s association. They will help you understand your coverage options and pricing and create a plan that suits your needs.
What Does Condo Insurance Cover?
While there is no standard condo insurance policy, condominium insurance costs typically include the coverages below. Other condo insurance coverages may be available to add to your policy. A qualified independent agent can help you decide what type of condo insurance coverage is right for you.
Your belongings that you keep in your condo would be covered by your condominium insurance. Depending on the coverage you select, this coverage might also extend to lost or stolen items you carry with you when you travel, like clothing and jewelry.
Condo insurance will cover repair or replacement for the parts of the building that are your responsibility and not covered by the condo association. Built-in fixtures, doors or other parts of the building may be covered if damage is caused by a covered peril.
Condominium insurance can cover you if someone brings a lawsuit against you for injuries or property damage they sustain while in your condo. It may also cover you if you or someone who lives with you causes damage to someone else’s property.
Medical Payments to Others
Anyone injured in your condo may have medical expenses covered by your policy, even if you do not cause the injury, such as a doctor's visit or medicine. Guest medical coverage does not extend to you or anyone who lives in the condo with you.
Loss of Use
This section of a condo insurance policy deals with the costs associated with living somewhere else while damages to your condo are repaired. If your condo becomes uninhabitable due to damage, you might be covered for hotel and restaurant expenses incurred.
Your homeowners’ association may charge a special assessment fee following a catastrophic loss to help pay out-of-pocket costs for damages to community property. The Loss Assessment portion of your policy would cover all or part of your portion of that assessment.
Condo Insurance Discounts
Peace of mind doesn't have to cost an arm and a leg. Main Street America Insurance's condo coverages are not only customizable, but they’re also even more affordable with several discounts to put money back in your pocket.
Your Main Street America appointed independent insurance agent can help you feel confident that you have the right protection. Talk to them to see if you qualify for these or any other discounts:
- New customer
- New condo purchase
- Loyalty savings and loss forgiveness
- Gated community
- Active Adult (55+)
- Alarm credits (Fire, Smoke)
Extended Protection — Optional Coverage
Additional types of coverage could be added to your condominium insurance policy to fit your particular needs. Talk to your independent agent to see if any of these add-on coverages are right for you:
- Identity theft
- Personal property replacement cost
- Vacant unit
- Water backup