The Basics of Condo Insurance for New Owners 

Buying a condo comes with its own set of responsibilities, and that includes having the right insurance in place. Condo insurance works somewhat differently than homeowners insurance, so if this is your first time navigating a policy, there are a few basics worth understanding before you move into your new home.

What Does Condo Insurance Cover?

Condo insurance (often referred to as HO-6 coverage) is designed to fill the gap between what your condo association insures and what you’re personally responsible for. Your association typically carries a master policy that covers the building’s exterior, shared spaces and sometimes parts of the interior structure.

Your personal condo insurance generally covers:

• The interior of your unit (e.g., walls, flooring and fixtures)

• Personal belongings

• Personal liability (e.g., if someone is injured in your unit or you cause damage to someone else’s property)

• Additional living expenses (e.g., hotel stays if your condo becomes unlivable due to a covered loss)

What to Look For in a Policy

Start by reviewing your condo association’s master policy. Knowing what’s already covered will help you avoid overinsuring or underinsuring your space. From there, you can focus on the following details:

• Dwelling coverage: Make sure it reflects the cost to repair or replace anything inside your unit that’s your responsibility.

• Personal property: Take inventory of your belongings and choose a limit that matches their total value.

• Loss assessment coverage: This optional add-on can help if your association charges unit owners for shared losses (e.g., storm damage to the roof or legal claims involving common areas).

You’ll also want to confirm whether your policy covers replacement cost or actual cash value for your belongings. The difference can affect how much you receive after a claim, as the latter accounts for depreciation.

Learn More

Pride Insurance Agency can help you understand the details of condo insurance and build a policy that fits your specific coverage needs. Contact us at our San Antonio, TX office today to explore your options and feel more confident about your new home.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.