What is Condo Insurance and What Does it Cover?

One of the questions we receive at Integrity First Insurance is whether one needs condo insurance if they own a condo in Colorado. Purchasing a condo is the first step towards homeownership. The next step is to purchase condo insurance to protect your investment. Even if your condo comes with condo association (COA) insurance, covering common exterior damages like roofs and walls, you need an individual condo insurance policy (HO-6).

What to find out more about condo insurance? Please read on.

What does condo insurance cover?

When you purchase condo insurance from Integrity First Insurance, it will cover the below areas:

Interior coverage

Whether it’s your flooring, kitchen cabinets, fixtures, or drywall, your condo insurance should provide coverage in many case of damage from many possible causes. Ultimately, everything that is attached to your premises makes up interior coverage. It’s often referred to as “walls-in” coverage, because it covers everything from the walls inward.

Liability coverage

Whether somebody gets injured in your condo or damages someone’s property in the neighboring condos, liability insurance covers damages and medical expenses arising from these unfortunate events. Without liability coverage, you are left exposed to potential lawsuits and would be responsible for paying legal fees and judgements against you out-of-pocket. 

Personal property

Condo insurance protects your personal belongings from theft, fire, and other risks. If you opt for replacement cost protection, your insurance will have to indemnify you for goods replaced after theft or damage. Personal belongings covered by your policy include clothing, furniture, electronics, and jewelry. 

Loss assessment

It’s inexpensive yet commonly overlooked. When your COA has high deductibles on their master policy or when short of cash in their reserve account, COA places a loss assessment on each condo owner. 

Considering this optional, cost-friendly insurance could save you thousands of dollars in liability costs, medical costs, and property damage not covered by your COA master policy.

Colorado condo insurance

Do you own a condo and are unsure of the coverage you need? Please talk to Integrity First Insurance for more information. We have been serving condominium owners in Colorado and surrounding areas for many years. When you visit us, we will discuss your condo insurance needs and recommend a policy that you are comfortable with.