Condo Insurance FAQ

Condominium owners insurance can protect you and your unit from the unexpected. If your condo is damaged, your belongings are stolen or someone gets injured at your home, condo insurance can help cover repairs or replacement, temporary housing, medical bills, legal fees and more. 

A condo policy is recommended for anyone who owns a condo and may even be required by your mortgage lender. Your condo association may also have its own coverage requirements, which may reflect your community by-laws, rules and coverage gaps in the association’s insurance policy (or master policy). In certain areas you may need separate policies or coverage to help protect your condo and personal belongings against damage due to floods, earthquakes, windstorms or hail. 

Most policies have 3 key elements: the premium (how much you pay for coverage); deductibles (how much you’re responsible for out-of-pocket in the event of a covered claim); and limits (the most your insurer will pay for a claim). 

Condo insurance is coverage you hope to never have to use, but if the unexpected happens, it can help you restore your life back to normal. 

Learn more about condo insurance 

An insurance representative can help you determine the condo coverage that best fits your needs and budget, but a typical policy can cover: 

When figuring out how to choose condo insurance, consider these key questions: 

Our licensed insurance representatives are happy to walk you through all of this step by step and can help you review your needs on an annual basis. 

Choosing a condo insurance policy starts with choosing the right insurance company. 

Travelers has been one of the nation’s leading and largest property casualty companies for over 170 years. We offer a variety of policy options and packages to help you get the coverage that meets your unique needs. We can provide you with information to help you protect the place you call home. 

We can also give you peace of mind with a claims process that is simple and stress free. 

It depends. Most condo policies come up for renewal each year, but customers must remain eligible and pay their premiums to renew. 

It’s a good idea to review your coverage with an insurance representative every year. 

Umbrella insurance is additional personal liability coverage that can provide protection where your condo insurance leaves off.  

If you or a family member are found personally responsible for a serious property damage or personal injury to others, the cost of damages can quickly add up beyond the liability limits of your condo policy. Umbrella insurance can provide extra protection, especially if you have many assets to protect. 

The cost of your insurance, or premium, partly depends on the coverages, deductibles and policy limits you choose. Here are a few tips that can lower your premium: 

Once you know how much your stuff is worth—or the “estimated replacement value” of your personal belongings—an insurance representative can help you determine the coverage you need. 

Learn more about personal property coverage. 

A deductible is the amount of a covered claim that is your responsibility. It can vary and may be either a dollar amount or a percentage. Some policies even have multiple deductibles. So, if you have a deductible of $500, then you will pay the first $500 of a covered claim. 

Your premium is how much you pay for coverage. Typically, if you have a higher deductible, you would pay a lower premium, and vice versa. A lower premium may be nice for your wallet but remember to choose a deductible you can afford in the event of a loss. Your insurance representative can help you with this. 

Personal property coverage (Coverage C) is required on all condo policies. It can help repair or replace personal items in your condo like furniture, clothing or electronics that may be damaged by a covered loss. 

Other assets like cash, collectibles, jewelry, furs and silverware may have limited coverage, but additional coverage may be available with a valuable items endorsement or a separate policy. Think about what it would cost to repair or replace your personal belongings and valuable items, and if additional coverage would make sense for you. 

Learn more about personal property coverage. 

Liability insurance helps protect your assets and cover your defense costs if you or a household family member is found legally responsible for causing injury to other people or their property. It can provide coverage for bodily injury, property damage, medical payments and legal expenses. 

Do you have a high level of risk or many assets to protect? You can always discuss your liability coverage needs, options, deductible and policy limits with your insurance representative. 

Learn more about liability coverage. 

If you are unable to occupy your condo due to a covered loss, additional living expenses coverage can help you pay for increased temporary housing and some living expenses. This can include hotels, meals, laundry and other related expenses. 

Note: you are still responsible for your deductible, as well as any related costs above your policy limits. An insurance representative can help you determine the amount of coverage that would be appropriate for your situation. 

Coverage for damage to additions, alterations and improvements you’ve made to your condo unit. Generally, this is part of the dwelling coverage (Coverage A) and may include items such as appliances, flooring, kitchen renovations and more. If you financed any of these improvements, your lender may require certain coverage options and limits. 

Think about what it would cost to repair or replace any of these improvements. Then talk it over with your insurance representative. 

Here are a few common optional property coverages available for you to consider: 

Well, it depends. Generally, your condo association’s master policy would cover what’s outside your walls—the physical structure of the condo unit and common areas—and your personal condo policy would be responsible for everything in them. This includes the structures inside your unit like the kitchen, as well as your personal belongings (e.g., electronics, sporting goods, furniture and clothing). 

You should review your association’s bylaws and the association’s insurance policy to understand where their responsibility ends and yours begins. Then, an insurance representative can help you determine the coverages and limits that would best protect you and your home. 

A deductible is the amount of a covered claim that is your responsibility. And a policy limit (or “limit of liability”) is the maximum amount your insurance company will pay for a covered claim. 

Some condo owners opt for a higher deductible in favor of a lower premium. But if the unexpected happens, you need to make sure the amount you choose as a deductible is one you can afford to pay out of pocket. 

An insurance representative can help you balance your individual needs. 

Possibly. Updates to your condo like renovating a kitchen, expanding a bathroom or attaching a deck may affect the amount of coverage you need. 

Check in with an insurance representative when you’re doing a big project, make a big purchase, or on an annual basis, to help ensure your policy remains adequate and up to date. 

Damage or theft of personal belongings can be covered under personal property coverage of a condo policy. This coverage helps protect items like electronics, sporting equipment and furniture up to your policy limit. It also covers your personal items when they are outside of your home, like if your computer got stolen from your car or hotel room. 

Cash, collectibles, jewelry, furs and silverware may only have limited protection and may require a valuable items endorsement or a separate policy.