As a condo owner, your homeowners association (HOA) typically collects monthly dues that may include insurance for the building's exterior and common areas. To understand what is covered, you should review the association's bylaws or the master insurance policy.

Your HOA's master insurance policy may offer two types of coverage:

Bare walls in – This covers only the exterior structure of the building, meaning you would be responsible for insuring all your interior contents, such as appliances, personal belongings, and bathroom/kitchen fixtures, in the event of a loss.

All in – These policies protect both the exterior and the structural interior contents of the building, but they do not cover your personal property.

Once you understand what your HOA's master insurance policy covers and what you're personally responsible for, you'll have a clearer idea of the coverage you might need.

Your condo insurance policy should cover everything not included in the master policy:

- If your HOA has an "all-in" policy, it typically doesn’t cover improvements you make to your unit. You’ll need to purchase additional insurance for renovations, remodeling, and similar updates.

- If your HOA has a "bare walls" policy, assess how much it would cost to replace all the interiors of your condo, including lighting, flooring, cabinets, and more.

We can help you estimate the coverage amount that fits your specific needs.

Condo insurance can also protect your personal items in the event they are stolen, damaged, or lost due to a covered incident. To accurately assess the value of your personal property, begin by creating a home inventory.

It’s easy to overlook the worth of your belongings or forget to include items such as clothing, furniture, appliances, and electronics. A comprehensive home inventory ensures you’re not underinsured and helps prevent future frustrations.

If you need assistance, consider using one of the latest home inventory apps to keep everything organized, updated, and securely stored.

Don’t forget to include unique or high-value items like jewelry, artwork, and musical equipment. Your condo insurance may have low coverage limits for these valuable possessions, so it’s wise to discuss adding personal property “floaters” with a Farmers agent to ensure they’re adequately covered.

What happens if your dog bites someone? Or if someone gets hurt on your property? If you’re held responsible for damages, it could jeopardize your assets, investments, and future.

Lawsuits are unfortunately common, but your condo insurance might include liability coverage. However, is that coverage sufficient? It’s important to assess your net worth, available assets, and your need for protection against potential liability issues.

You might also want to think about a Personal Liability Umbrella policy, which can enhance your existing coverage and offer additional protection in $1 million increments.

If your condo were damaged and you couldn’t stay there during repairs or replacement (hopefully this never occurs), would you have coverage for alternative housing?

If you don’t factor in these additional costs with your condo insurance, you might end up without a place to live after a loss, facing out-of-pocket expenses for basic living needs.

Consider your family’s daily expenses and requirements when discussing your condo insurance needs with a Farmers agent.

Let’s collaborate today to create a customized condo insurance package that fits your needs.