Who Covers the Inside of My Condominium – Me or the Homeowners Association?

Who covers the inside of my condominium? If you have a homeowner’s association, the line can become blurry as to what their coverage includes and what yours covers. You will need homeowner’s insurance for a variety of things on the inside of your condo.

Most homeowner’s association policies will cover the building itself, which includes electrical, plumbing, and roofing issues. If something happens to the wall inside your unit as a result of someone else’s doing, the repair for the wall will be on the association, not on you.

It’s important to have homeowner’s insurance for the other things within your condo – such as your furniture and all of your valuables. This is not going to be covered by the association and the coverage is critical in the event that something is damaged or even stolen.

The damage to your condo may not be your fault, but if things are damaged, it is your responsibility to have coverage to be able to replace them. If your home is broken into, the homeowner’s association is not going to cover the expense of replacing, either – and that means you need your own insurance policy.

In the event you are not the owner, then you will need renter’s insurance. This will provide the coverage you need, though you want to make sure the policy covers the full amount of what could be damaged or stolen. If you have $10,000 worth of furnishings and your policy only covers $5,000, you would be responsible for the remainder.

It is always a good idea to look at what the policy covers. Your homeowner’s association has documents that will disclose what they do and don’t cover. This should be shared with your homeowner’s insurance company to ensure you have thought of all forms of coverage and to avoid being surprised when the insurance company will not pay on a claim that you have made.