Do You Need Condo Insurance if Your Building Has Master Insurance?

As a condo owner, you may enjoy a unique living situation. Living in a condo may allow you to enjoy the stability and financial incentives of being a homeowner, while also often bearing less responsibility for maintenance and upkeep than those who own houses. However, these arrangements may be nuanced and require a specialized approach to insurance. Your condo association’s master policy is not enough to fully secure your interests.

Why Do I Need My Own Policy?

While your condo association’s master insurance policy can provide some coverage for incidents that may impact your home, its financial protection typically ends at your unit’s threshold. Such arrangements are typically focused on the exterior and structural elements of your building, as well as common areas, such as lobbies, pools and recreational facilities. If you want to insure your own unit, belongings and financial interests, you’ll need your own condo insurance policy.

What Can My Insurance Cover?

Condo insurance, also known as HO-6 insurance, is a form of home insurance tailored specifically toward the needs and circumstances of condominium owners. It may include financial protection for the following:

• Personal belongings, such as your furniture, electronics, small appliances and clothing

• Interior improvements, including renovations you might have made to your kitchen and bathroom

• Third-party losses for which you’re to blame, such as guests’ bodily injuries or neighbors’ property damage

• Additional living expenses, such as if you need to live in a hotel for a while due to your condo being rendered uninhabitable by a covered peril

Learn More

If you own a condo in or around Petersburg, FL, the knowledgeable and experienced team at Bennie Brinson Insurance Agency can help you find the right coverage. Contact us today to discuss your options and get a free condo insurance quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.