Condo insurance covers your personal belongings and the interior of your structure. This includes countertops, cabinets, flooring as well as personal liability coverage, and temporary living expenses in the event of a covered loss.
Your condo association will carry a master insurance policy that covers anything they're responsible for. Including the grounds and common areas (such as hallways or elevators), and the outside structure of your condo. In most cases however you are responsible for your own personal property and interior of the condo. These aren't typically covered by the insurance policy that your associate carries.
Bundle your condo insurance policy with another insurance policy from RMG GROUP Insurance and save an average of 5%.
You'll get a discount by simply paying your condo policy up in full for the full coverage term.
You could earn discounts for having a burglar alarm, fire alarms, automatic sprinklers, and other security guards..
Get a discount when you purchase a brand new condo.
We offer coverage for your personal property, the interior of your condo unit, and more. Keep in mind, your condo association's master policy will typically cover the interior of your condo. If you have questions on how to customize your protection, our licensed representatives are standing by to guide you through our coverage options.
items such as clothing, electronics, furniture, appliances, tools, and power equipment are all covered up to a certain limit by condominium insurance (even if they're not physically in your condo). You may require an insurance rider to cover jewelry, art, and expensive items.
Example: Your roof leaks and thousands of dollars worth of clothes, furniture, and other items are damaged. Most condo association insurance policies won't cover your personal property unless you can prove negligence. Your condo insurance may cover these items.
If your condo is damaged due to a covered loss, and you're unable to stay there during repairs, your additional living expense coverage can pay for hotel stays and meals (above what you'd typically pay).
Example: Your condo is damaged in a fire, and your two-week hotel stay costs $2,000. The bill will be covered, as well as meal expenses above your usual food costs. Be sure to keep any receipts as proof for your claim.
Personal liability insurance may cover you if you're responsible for someone else's injuries or damages to their property. You can also add extra coverages for libel, slander, or other lawsuits.
Example: A friend you invited overslips and falls inside your condo due to a slippery carpet you knew about and breaks their leg. If they sue you, your policy can pay for their medical bills and lost wages due to injury.
Requirements will vary per HOA, but a condo insurance policy may not be required by your condo association. They may require you to pay dues to help cover the HOA's master policy. Note that you will need condo insurance if you're financing.
Just like if you're renting an apartment or home, it's wise to carry renters insurance even if it's not required by your condo association or landlord. Renters insurance is generally affordable and can cover your personal belongings as well as liability claims if you're legally responsible for someone else's injuries or property damages.
Like homeowners insurance, condo insurance covers your belongings, injuries on your property that you are liable for, and temporary living expenses. The main difference, however, is that damage to the outside of your home, including exterior walls and garages, won’t be covered under condo insurance. Also, your condo policy may not offer liability protection against injuries in the common areas (hallways, parking lots, etc.) of your condo complex.
If you own a townhome that requires membership to a condo association, you may be able to cover your property with a condo insurance policy. However, if you're responsible for your townhome's exterior, you'll need a homeowners policy that insures your unit's interior and exterior.