Condo Insurance

As an individual unit owner, you will need to insure your own personal property and ownership interest in your own unit by purchasing a condo owner’s policy. A condo owner’s policy provides coverage similar to that described under the personal property, loss of use, medical payments and personal liability coverages of a homeowner's policy.

Limited Dwelling Coverage

The condo owner’s policy also provides limited dwelling coverage for the parts of the individual dwelling unit that are owned by the condo owner. In the event of a loss, this coverage would help restore a unit with bare walls to habitable condition by paying for cabinets, fixtures, or custom features not covered under the association policy.

You should review your condo agreements or bylaws to understand what portion of the dwelling belongs to the association and where your ownership begins.

Loss Assessment

An additional coverage available in a standard condo owners policy is loss assessment. This coverage helps to pay for an assessment you may be charged to help meet your responsibility for covered losses that occur to common areas.

Coverage for Tenants

A condo policy is available for owners living in a condo as their primary residence, but may also be available for condos occupied by tenants. 

Association Policy

Your condo association should purchase an insurance policy to cover property damage for the building and all common areas and coverage for liability associated with common areas.