Condo insurance, or HO-6 insurance, covers damage, losses, and repairs to your condo and your personal belongings. This includes things such as theft, water damage, fires, and more.
Condominium insurance also covers you in the case of a liability claim and covers additional costs for relocation expenses.
Who Needs Condo Insurance?
While you don't own the land the condo sits on, you're still responsible for your unit and personal belongings. Your Homeowners Association's insurance policy won't extend to your belongings, interior fixtures, or liability claims.
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Typically, buying condo insurance is a good idea. This is because condo insurance offers protection for your personal belongings, among other vital factors:
Condo insurance also makes sure that your personal property inside is protected in the event of a fire or other incident; this includes your furniture, TV, clothes, jewelry, etc.
The main reason you should buy condominium insurance is to help cover the interiors in this case, you may be responsible for the inner walls, ceilings, floors, and more.
If an incident forces you to temporarily live elsewhere, condo insurance also provides additional living expenses coverage (ALE) for temporary lodgings while waiting for repairs.
If a guest or third party were to suffer an injury in your condo, they would sue your condo insurance for any resulting medical bills rather than suing you directly.