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Insurance Basics
Condo Insurance

What is Condominium Owners (Condo) Insurance?

Condo Insurance is a contract between you and your Insurance Company. It can provide coverage for your condo and your belongings as well as legal responsibilities you may incur as a result of injury or property damage you or members of your family may cause to others. In exchange for your premium payment, your Insurance Company agrees to pay losses as defined in your policy.

What coverages are available in a Condo Insurance policy?

Dwelling Coverage

While the Condominium association generally provides insurance to cover the property (building and other structures), you probably are responsible for the portion of the building within your unit. Dwelling Coverage pays to repair or rebuild that portion of your unit.

Personal Property Coverage

Your personal items in your condo such as furniture, clothing, and electronics can be covered if damaged by a covered cause of loss.

Loss of Use Coverage

If a covered cause of loss means that your condo can’t be lived in, this coverage provides additional housing and living expenses while repairs are being made.

Liability Coverage

If you or a household family member is responsible for causing injury or damage to other people or their property, coverage can be available to pay for the injury or damage. This can include guests who are injured on your property. Additionally, coverage can be provided for legal defense for injury or damage to others.

Additional Coverages

  • Replacement Cost Coverage for your unit and Personal Property
  • Some Condo policies provide coverage to Repair or Replace your damaged buildings or belongings with new items of like kind and quality.
  • Most Condo policies provide some limited coverage for valuable items like jewelry, watercraft, firearms, and silverware.
  • Limited Coverage for a Home based business may be available.
  • Loss Assessment Coverage may be available to cover assessed amounts not covered by the Condominium Association’s policy.

Most Condo Insurance policies cover damage caused by perils such as fire, windstorm, hail, lightning, theft or vandalism. Additional coverages or higher limits may be available. Your Insurance Agent can help you determine what coverages, limits, and deductibles are most appropriate for your individual situation.


The content available via Grange.com is for informational purposes only and may not be used for any other purpose. Content provided or expressed on Grange.com, including that of third parties, may not reflect Grange Insurance Association’s (GIA) policies or conform to any agreement you may have with GIA and its subsidiary companies. Please contact a licensed insurance agent to obtain particular advice.

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