Owning a condominium is a unique experience that combines the independence of homeownership with the convenience of shared community living. However, one of the most common misconceptions among condo owners is assuming that their condo association’s master insurance policy provides complete protection. In reality, a master policy usually covers only the building’s structure and common areas like hallways, elevators, and lobbies. Your personal belongings, interior upgrades, and liability are your responsibility.

Condo insurance, often referred to as an HO-6 policy, is specifically designed for unit owners. This coverage protects your furniture, clothing, electronics, appliances, and other personal property against risks such as fire, theft, vandalism, or natural disasters. In addition, it includes liability protection in case someone gets injured in your condo and sues you for damages.

Another key benefit of condo insurance is loss of use coverage. If your condo becomes uninhabitable due to a covered peril, your policy will help pay for temporary housing and living expenses. Some policies also provide loss assessment coverage, which helps cover shared expenses if your condo association issues a special assessment for damages to common property.

In short, condo insurance ensures you have peace of mind, financial security, and protection for the things that matter most in your individual unit.