Condo living provides the financial benefit of owning a property without the added costs to upkeep a traditional house. The condo association is also generally responsible for maintaining and insuring the exterior and common areas around the facility, so you likely don’t need a traditional homeowners insurance policy. Instead, there are specific policies made for condo owners to protect your dedicated space. Here’s what you should know. 

What Does Condo Insurance Cover?

Condo insurance generally covers the interior of your condo and the belongings inside. Like homeowners insurance, coverage applies to certain perils named in your policy, like fire, flooding, or theft. Specific policies offer different levels of coverage or compensation. Those with expensive belongings or luxury finishes likely need higher payouts than those moving into a starter condo. 

Condo insurance also covers general liability inside the condo. This may apply if a visitor trips or is injured by a fixture you should’ve fixed. Your policy could kick in to cover their medical expenses. 

The HOA or condo association should have a policy that covers both damage and liability for the exterior and common spaces of the building, so your coverage should not need to extend to these spaces. 

How Is It Different From Homeowners Insurance?

Like homeowners insurance, condo insurance covers both property and liability. However, it does not need to cover as wide of an area since you’re only insuring the interior of a unit. Homeowner policies must cover the roof, siding, and additional structures like a garage. They must also cover liability along the exterior, like if someone trips over a tree branch or uneven sidewalk. 

Since these issues are already covered by a condo association policy, individual condo insurance tends to be more affordable than homeowners coverage. Individual policies vary based on the value of possessions and interior finishes, but there’s generally less risk for insurers when covering less space and liability. 

If you’re looking for condo or homeowners insurance, contact Consolidated Agency Inc in Rochester, NY. The local insurance agency provides a wide array of policies from various carriers, so you can compare the coverage and costs of each option. Visit the agency’s Facebook page for updates and insurance related tips, or call (585) 467-4110 for a quote.