How to buy condo insurance

What do you need to know before buying condo insurance?

Before buying condo insurance, find out how much personal property coverage you need, confirm what your HOA's master policy covers, and identify valuable belongings that need additional coverage.

Pay careful attention to:

Personal property coverage limits. Make sure you have enough; many people underestimate what it would cost to replace everything in a total loss. Consider everything from the towels to the TV.
Your condo association’s master policy. Master policies vary in terms of what they cover and will largely dictate what kind of coverage you need on your condo insurance policy.
Your valuable personal belongings. Condo insurance has limits on certain types of personal property, like jewelry and artwork. If you have high-value items, you may need a special endorsement on your policy.

How to buy the right condo insurance policy: Step-by-step

To buy the right condo insurance policy, first determine your coverage needs, then get quotes from several insurers using the same coverage limits and deductible. Compare the policies, discounts, and endorsements, and research each insurer before choosing a policy.

Here are a few basic steps to follow to get accurate quotes and buy the right HO-6 condo policy.

Calculate how much condo insurance you need. Include the value of all of your personal property, and make sure you know what your HOA covers so that you buy the right type of policy. You may need more or less dwelling coverage, often called building property coverage on a condo policy, depending on the HOA coverage.
Request quotes from multiple companies. Ensure each quote uses the same coverage amounts for a fair comparison.
Review the quotes and the coverage listed. Look for any differences, including any extras one policy might include that another doesn’t.
Research each company carefully. Check the insurer’s complaint history, claims satisfaction and financial strength. Third-party sources such as J.D. Power and AM Best can provide information to help you compare insurers.

Where can you get condo insurance quotes?

You can get condo insurance quotes online, directly from an insurer, through an independent agent, or from an agent representing a specific insurance company.

You can get quotes through:

Online quote comparison tools
Directly on insurance company websites
Contacting an agent
Contacting an insurance company directly

How you choose to shop for condo insurance is up to you, but if you need help understanding what condo insurance is and what it covers, working with an agent can be helpful. Even if you have bought homeowners insurance before, there are differences between home and condo insurance you should be aware of.

Get quotes from multiple companies, including the insurer that provides your auto insurance. You may qualify for a bundling discount by buying condo and auto insurance from the same company.

How do you compare condo insurance quotes and choose the right policy?

Compare condo insurance quotes using the same coverage limits, deductible, and endorsements to ensure an accurate price comparison. Then check discounts, exclusions, and additional coverage options.

Take the following steps, remembering that price isn't everything, and you need to be sure the quote includes the right coverage:

Look at each coverage amount and the deductible to ensure they’re the same. A higher deductible will lower your rate, and some companies will do this automatically in a quote to make it look like a better deal.
Look at the discounts. Are you getting all of the discounts you qualify for? Are there discounts one company offers that another doesn’t? How much are you saving with discounts on each quote?
Check for any add-ons. Some companies include extra coverage as standard that is an endorsement with other companies, adding value to your policy.

Before buying, make sure the insurer is financially stable and has a solid record for customer service and claims handling. A low premium is a good deal only if the policy provides the coverage you need and the insurer can meet its obligations when you file a covered claim.

FAQ: Condo insurance

Do I need condo insurance if my HOA has insurance?

Yes. Your HOA’s insurance does not replace your individual condo policy. You still need coverage for your personal belongings, personal liability and the parts of your unit you are responsible for insuring.

Should I get condo insurance from the same company as my car insurance?

Yes, if the rate and coverage meet your budget and needs; you may qualify for a bundling discount, but bundling isn’t always the best price overall. Compare with other insurers before choosing a policy.

Does condo insurance cover water damage?

Yes, condo insurance covers sudden and accidental water damage, such as damage caused by a burst pipe. Damage from flooding, gradual leaks, or poor maintenance is excluded.