If you own a condo in United States, you used to be required to purchase insurance by the state. However, this is no longer the case, but your condo association may require you to carry insurance. Not only will you need a policy, but you may also be required to show proof that the policy meets the minimum limits set forth by the association, or even purchase the condo policy from a particular company.

Condo associations in United States are usually required to carry insurance, but the policies don’t need to include the systems and fixtures that are specific to your condo. You are responsible for the damage and replacement of the floors, walls, electrical fixtures, built-in fixtures, window treatments, and your personal property. Even if you aren’t required to have coverage for these items, it’s a way to protect yourself.

What Does Condo Insurance Cover in United States?

Your condo association’s policy in United States will generally cover the land the condos are on, the exterior of the building, damage in common areas, liability for common areas, and shared equipment and amenities, such as elevators. Some condo associations do have more extensive policies, which can include coverage for fixtures, so it’s helpful to learn what is included with your association’s policy before getting your own coverage. An agent at KreateWave can help you determine what needs to be under your coverage.

• Dwelling: The policy will usually include damage to the items that are permanently affixed in the condo but not covered under the association’s policy. This can include flooring, countertops, and walls. It also covers any improvements you have made.
• Personal Property: This is your furniture, technology, and home furnishings. You get coverage for your belongings, whether or not your belongings are in the condo.
• Personal Liability: If you get sued because someone is injured at your condo or you damage someone else’s property, this coverage helps with defense costs and damages.
• Loss of Use: If you aren’t able to stay in your condo due to damages, this helps pay for the extra expenses you have.