Condo insurance is similar to home insurance and renters insurance but is specifically designed for apartments. While your homeowner association typically covers any damage to your building’s exterior, you are responsible for damage to the inside of your unit.
Condo insurance companies are a great alternative to renting an apartment or owning a single-family home and they have their own unique insurance needs. But if we may be so bold, after years of dealing with a little, talking green guy, we know a thing.
Need Condo Insurance?
Condo insurance can still come in handy, even if your apartment association has its coverage. Their insurance might cover the condominium building, commonly owned property, and liability insurance for the association.
There are many cases where an insurance policy will not cover you or your things like a break-in, water damage to your living room walls, or someone injuring them slipping on your wet kitchen floor. That is why you need insurance designed specifically for condo owners.
Condominium policies help protect your personal property and the interior of your unit. You will also have liability protection for property damage to others. It is easy to get a quote for a condo insurance policy that will provide this coverage.
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Coverage for Condo Insurance Policy
In most cases, the association’s coverage stops after the exterior walls meaning that you are responsible for the interior walls and possibly for fixtures, as well as your personal property and liability. This is where your condo policy would come in. Most policies will include coverage for losses arising from:
- Fire
- Windstorm
- Smoke
- Vandalism or Malicious Mischief
- Theft
- Accidental Discharge of Water
Best Condo Insurance Companies
After a lot of in-depth research, we found the following to be the best condominium insurance providers:
- Lemonade
- Allstate
- USAA
- Travelers
- Liberty Mutual
Lemonade
Lemonade condo insurance is a relatively new insurance company that is been around since 2015. It provides pet insurance, term life insurance, renters insurance, home insurance, and car insurance in select areas. Its condo insurance policies are customizable and include all of the standard coverage you need.
Lemonade condo insurance set what it claims to be the world record for the fastest insurance claim, paying it out within three seconds of filing. It uses artificial intelligence technology with algorithms that analyze the claim and can make decisions on some claims without the review of a live representative.
Homeowners should be aware that Lemonade condo insurance currently faces a class-action lawsuit related to its alleged collection of biometric data. Despite the legal matter, we still view Lemonade as a reputable company and found that; overall, many customers leaving reviews on third-party sites are generally satisfied with Lemonade’s fast claims and overall policies.
Allstate
Allstate is a top player in multiple insurance spaces, including renters insurance, car insurance, and home insurance. It has an A+ best rating and one of the highest customer satisfaction ratings by J.D. Power in this review.
This provider proved itself in our review, scoring highly for its overall coverage, reputation, and online resources to help homeowners get the coverage they need. It also provides 24/7 customer service with its large network of local insurance agents across the country.
Allstate has plenty of helpful resources for condo owners, but its online quote tool is not available in all areas. You may have to reach out to your local agent to receive an estimate and get set up with a policy.
USAA
USAA offers condo insurance for members of the armed forces and their families. They have excellent reviews for customer service and satisfaction and are among the most highly rated insurance providers in the industry. In addition to typical condo insurance coverage, they provide additional benefits for members of the armed services.
Travelers
Travelers are one of the oldest homeowner’s insurance providers on the market, operating since 1864. Its long experience in the industry and financial strength rating of A++ by AM Best, which is higher than many competitors, makes it one of the most reputable providers for your condo insurance policy.
We were also impressed with the company’s decreasing deductible benefit that can be added to your policy. It credits your deductible with $100 upon signing up and each year you go without filing a claim, making your deductible as little as $0 whenever you do need to file a claim.
Liberty Mutual
Liberty Mutual is another top condo insurance option available nationwide, offering policies you can customize to fit your specific needs and budget. With 24/7 customer service, a website chat, and a mobile app, it is easy to stay connected to this provider that has been serving homeowners for more than a century.
We chose Liberty Mutual for its extensive list of discounts that are commonly available to condo owners across the country, such as savings for signing up online, having protective devices in your condo, having a claims-free history, and more.
Liberty Mutual condo insurance also uniquely includes ordinance or law coverage in its standard policy, along with a few other features. However, its policies can be more expensive than some competitors if you don’t qualify for discounts.
Working on Condo Insurance
Your condo insurance policy protects your home’s interior and your personal belongings from unexpected events that could damage them, such as fires, windstorms, lightning, snowstorms, vandalism, and burglary.
It is similar to a typical home insurance policy, but it provides less reconstruction coverage since your HOA’s master policy takes care of your building’s overall structure. Here are more details about each common coverage included in condo insurance policies:
Home reconstruction: This usually covers the replacement, repairs, or reconstructions needed for the interior of your home.
Personal property: This covers your personal belongings within the home, such as your furniture and electronics. It offers money to replace them up to their actual value depending on which one you choose when they are lost, stolen, or damaged.
Additional living expenses: Also referred to as loss of use coverage, this coverage reimburses you for expenses you may incur if you can’t live in your home after a damaging covered peril. These costs could include hotel fees, meals, and extra gas for commuting.
Personal liability: Protecting your finances goes beyond just covering your property. This coverage helps pay for medical expenses and legal fees you are required to pay if someone gets injured inside your condo while visiting and you are at fault.
Medical payments: This coverage helps pay medical bills for a guest who gets injured on your property, regardless of who was at fault for the incident.
Loss assessment: Although not always included in standard condo insurance policies, this optional coverage option helps you pay for damage to your HOA’s owned and shared property when a payment for a loss is split up among all property owners.
FAQs – Top Condo Insurance Companies
How much does condo insurance cost?
The cost of condo insurance depends on the dwelling and personal property coverage you choose, but generally, an annual policy is between $300–1,000, with the average being around $500.
Does condo insurance cover appliances?
In most cases, condo insurance does cover appliances, but you should check your policy for details.
Does condo insurance cover flooding?
Condo insurance typically doesn’t cover flooding. In most cases, you will need to purchase separate flood insurance coverage for your condo.
Do I need condo insurance for my condominium?
Although not required by law, if you have a mortgage on your condo, you will likely be required by your lender to purchase a condo insurance policy. Even if you have paid off your home, you may still be required to have a policy.
