Condo Insurance

Who Needs Condo Insurance?

In a nutshell, condo insurance is for people who own condo apartments. It’s similar to homeowner’s insurance, but it’s for condos instead. In some cases, condominium insurance may also apply to townhomes and other multi-family dwellings.

Condo insurance protects condo owners from property damage. The insurance is also usually required by the mortgage company if the condo owner used a mortgage loan. Sometimes condo insurance is rolled into the cost of the loan. If you own a condo, then check with your mortgage company before purchasing additional coverage.

Condo Insurance Coverage

Personal condo insurance covers the property within an owner’s four exterior walls and between the floor and ceiling. It does not cover the entire building, as that’s a separate policy. Property improvements, such as counters and interior walls, are covered under the condo owner’s insurance policy.

Types of Insurance

Condominium coverage begins with a basic policy for the interior of the property. This policy has a cap on the items that can be covered. There may also be an individual cap on the cost of each item that can be claimed. For example, there may be a total cap of $50,000 and a cap of $5,000 per item. Additional types of coverage include earthquake coverage and flood coverage, which often need to be purchased separately.


Condo insurance will pay in the event your property is damaged or stolen. This is good coverage to have, especially if you live in close quarters with other people. Any person who owns a condo building should require condo insurance policies for tenants, to protect themselves from damages to their home.

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