Posted in Triplett & Carothers on January 2, 2026
Many condo owners are familiar with standard homeowners policies. These are designed to cover an entire house, from the structure itself — walls, roof and foundation — to the owner’s personal belongings. Homeowners insurance also provides liability coverage if someone is injured on the property.
Condo insurance works differently because condo owners don’t own the building as a whole. Instead, a condo association typically carries a master insurance policy that generally covers the building structures and shared common areas, such as hallways, elevators and amenities. The specifics of what the policy covers can vary by association.
Your individual condo insurance policy fills in the gaps. Condo insurance generally covers the interior of your unit, your personal belongings and your personal liability if someone is injured while visiting your unit. For example, your condo policy will cover you if a fire or other disaster damages or destroys items inside your unit or if someone breaks in and steals your belongings. It also provides liability coverage if someone visiting your unit is injured, helping cover medical costs you may be responsible for and, in the event of a lawsuit, possibly covering legal expenses as well.
The amount of coverage you need depends first on what your condo association’s master insurance policy covers. From there, the value of your personal belongings and the amount of liability protection you choose will help determine appropriate coverage limits.
Dwelling and personal property coverage
Your condo insurance policy typically includes both dwelling and personal property coverage.
Dwelling coverage generally applies to the interior of your unit, such as the walls, floors, built-in fixtures and other structural elements that may not be included in the association’s policy. Because coverage responsibilities vary by association, this is an area where gaps can occur if you’re underinsured.
Personal property coverage protects your belongings, including clothing, furniture, electronics and decor. You want enough coverage to replace items that are damaged or stolen — not just what you think they’re worth but what it would cost to replace them.
Many people underestimate this cost. Replacing an entire living room or bedroom set can be expensive even if your current furniture isn’t high-end. The same is true for electronics such as televisions, computers and stereo equipment, the costs of which can add up quickly.
Before deciding how much dwelling and personal property coverage you need, it’s a good idea to create an inventory of your belongings and estimate what it would cost to replace them.
Liability coverage
Many condo insurance policies provide $100,000 in liability coverage. When deciding whether that amount is sufficient, consider your personal risk exposure. If someone were seriously injured in your unit, would $100,000 be enough to cover medical bills or a potential lawsuit?
If you regularly entertain or simply want additional protection, you may choose to increase your liability coverage to $300,000. While higher limits raise your premium, they also provide broader financial protection in the event of a serious claim.
The good news is that condo insurance is typically less expensive than homeowners insurance. According to a 2025 report from the National Association of Insurance Commissioners, condo insurance costs an average of $572 a year, though rates vary by location.
How much you pay depends on several factors, including the size of your deductible (the amount you pay out of pocket before coverage kicks in), the location of your building and the total value of your personal belongings.
Because coverage needs vary by association and unit, an insurance agent can help you review your situation and confirm that your condo policy provides appropriate protection.
Reach out to Roz Carothers and her team at Triplett & Carothers to learn more.
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