Types of Condo Insurance

Condominiums have become increasingly popular because of their location, usually in beach areas, and because of the low maintenance associated with them. They are ideal for people who do not want to have to deal with yard work and maintenance of the exterior of their home. However, when buying a condo, it is important to consider buying the right kind of insurance.

Condominiums have condo associates, which cover certain types of damage. These are governed by articles of condo associations and state law. This association coverage usually only extends to the outer walls of the units. This means that the interior, usually including fixtures, will not be covered by the association. Because of this, it is important to consider what you will need in a condo policy.

Types of condo insurance:

• Fire and lightning. A fire can be devastating to any structure, and it is important to have coverage for fires caused by normal causes, as well as from lightning strikes.


• Smoke damage. This is specific, and not always covered in a fire policy. Smoke damage can be very costly, discoloring walls and destroying personal property, including furniture.


• Theft. Condos can be the targets of theft because of their locations, and the knowledge that they are often unoccupied, particularly in tourist areas. It is important to have theft protection for your valuables.


• Vandalism or mischief. Unfortunately, condos are no more immune than any other property from vandalism. This criminal activity can be costly, requiring replacement of windows, or even personal property.


• Wind. With tornadoes and hurricanes, wind damage can be severe, particularly in areas near tidal water. Wind damage can completely wipe out entire structures instantly, and the losses can be complete. It is important to have wind covered in your policy.


• Accidental discharge of water. This usually insures for damage to water lines, which can flood your condo and destroy flooring, furniture, and other items.


• Flooding. Often overlooked in policies, flooding is very important, and can be quite expensive. Not available in some areas prone to flooding, it should be considered if available. A hurricane or flash flooding can destroy the entire contents of any structure.