Condo insurance is similar to homeowners insurance—it provides essential protection for your home and belongings, helping safeguard what matters most in case of damage, theft, or other unexpected events.
Condo Insurance Coverages
A A.Neto a gency condo policy typically includes:
➡️ Unit Owner’s Building Coverage – Helps pay for damage to your condo’s interior, including walls, cabinets, and lighting, if it’s not covered by your HOA’s policy.
➡️ Association Loss Assessment Coverage – Provides financial support if your HOA requires you to contribute to a major building expense, such as a new roof.
➡️ Personal Property Coverage – Helps cover the cost of replacing or repairing your furniture, clothing, and other belongings if they are stolen, damaged, or destroyed.
➡️ Personal Liability Protection – Covers legal, medical, and other expenses if you are held responsible for property damage or injuries to someone else.
➡️ Loss of Use Coverage – Assists with additional living expenses, such as rent and other costs, if you need to live elsewhere while your condo is being repaired.
What does condo insurance cover?
Your Belongings
Example: A burglar breaks in and steals your TV, gaming console, and golf clubs.
How it works: Personal property coverage helps you replace stolen items, even if the theft occurs away from home.
Your living space
Example: A kitchen fire burns your cabinets, and the water used to extinguish the flames damages the floor.
How it works: Unit owner’s building coverage helps cover the cost of replacing your cabinets and repairing the floor.
Damage to someone else’s property
Example: Your child accidentally throws a baseball through your neighbor’s window.
How it works: Liability coverage helps cover the cost of replacing the window.
Injuries to others
Example: A dinner guest slips, hits their head, and ends up in the emergency room.
How it works: Liability coverage helps cover medical bills and legal costs if the accident is your fault and you’re sued.
Living expenses/
loss of use
Example: A leak in the condo upstairs makes your condo uninhabitable.
How it works: Additional living expenses coverage helps pay for temporary housing, as well as extra costs for food and transportation.
Loss assessment coverage
Example: Wind tears the roof off your condo complex, and your HOA assesses each unit owner $5,000 to cover the unexpected cost.
How it works: Loss assessment coverage helps pay your share of the assessment.
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Your condo association’s or HOA master insurance policy doesn’t cover personal liability or the contents inside your home. A A.Neto agency condo policy can help cover damage or loss, such as if a fire breaks out and damages your interior and belongings, or if someone is injured in your home and you're held responsible.
