Condo Insurance
Moving into a condo can be quite exciting, as most are incredibly luxurious. This also means it can be a bit scary to think about if something were to go wrong. If you live in a condominium, you know by the looks of it that replacement costs will not be cheap. This is why it is important to look for condominium insurance. Condo insurance would protect you from losses and damages, including repair costs for a condominium unit.

What Does Condo Insurance Cover?
The coverage for your condo insurance will be based on your specific insurance policy. Many standard condo insurance policies often cover fire damages, water damages, theft, vandalism, storm damages, etc. Depending on the condo insurance policy and the company you are using, you may have additional add-ons you can pay extra for if you aren´t satisfied with the basic policy offered.
How Much Condo Insurance Should I Have?
Anyone who lives in a condo should at least have a standard insurance policy, but if you don´t have all of the things you want in your standard policy, you may want to look at some of the additional add-ons available to you. Some add-ons that may be available for your policy are as follows:
- Home-based business insurance, which covers personal property that is inside of your home office, as well as accidents or injuries that occur involving business visitors.
- Replacement cost coverage, which would mean that instead of getting the actual cash value of the items lost or damaged, the insurance company would buy another brand new one.
- Scheduled personal property, which is additional coverage for expensive items, such as jewelry.
- Water backup coverage ensures you are protected if water floods into your unit from a clogged drain or malfunctioning pump.
- Earthquake coverage is used to cover repairs, damages, and debris removal from earthquakes and is typically not included in the standard policy.
- An inflation guard, which means that if you were to have a complete loss of property, your insurance policy would protect you from being short-handed due to inflation and loss of value in your property or being unable to afford to restore the property to its original state.
- Vacant or unoccupied condo insurance, though it may not be as useful or common for many, is useful for those who either aren´t going to be in their condominium unit year-round or are going to be leaving the home vacant for at least 30-60 days, due to standard policies typically not covering vacant properties.
- Watercraft endorsement is more for those living the luxury lifestyle and protects boats on the property from any damages. These insurance policies may not cover any of the property inside of the craft but do cover injuries from accidents.
- Identity theft coverage that assists in covering legal costs and lost income due to identity theft or identity fraud crimes committed using their personal information.
Most of these add-ons will be more beneficial to those who either live a more luxurious lifestyle or are going to be living in areas known for their various climate conditions that could result in property damage. It´s a good idea to ensure that your condominium insurance policy is personalized and suited to your needs.
Does Condo Insurance Cover Theft?
Most of the time, any losses or damages due to theft should be covered under condo insurance HO-6, which is your standard condo insurance coverage, as part of the personal property protection part of your insurance policy. It´s important to read over your specific policy to see how much your insurance company will cover in costs for theft losses or damages.
Condo insurance HO-6 policies will cover almost anything that can happen to almost anyone, such as fire damages, water damages, theft, vandalism, and storm damages. However, most policies will have to be customized with additional add-ons if you would like to have more protection for your property, such as more valuable items, boats, multiple homes that leave the condo vacant, etc. It´s important to work with an insurance agent for a policy that will work best for you.