Condo & Townhome Insurance: Coverage as Unique as Your Space

It typically covers water damage from internal sources like burst pipes, but coverage for external flooding requires separate flood insurance.

This covers your share of assessments charged by the HOA for covered losses to common areas or liability claims that exceed the master policy's limits.

Condo insurance (HO-6) covers your unit's interior, personal belongings, and liability, while the HOA master policy typically covers the building's exterior and common areas.

Calculate the value of your personal belongings, interior improvements, and consider your liability needs. Also review your HOA's master policy to identify coverage gaps.

Only special assessments resulting from covered perils are included. Assessments for maintenance or improvements typically aren't covered.

Actual cash value pays depreciated value of items, while replacement cost covers the full cost to replace items at current market prices.

Yes, most policies include loss of use coverage for additional living expenses if your unit becomes uninhabitable due to a covered loss.

It typically covers injuries to visitors in your unit, damage you cause to others' property, and legal defense costs.

Renters should obtain renters insurance; the unit owner's condo policy doesn't cover tenants' belongings or liability.

Coverage depends on the source and circumstances. Your policy might cover your unit's damage, or the neighbor's policy might be responsible.