Condo insurance is not that different from insurance policies covering traditional single-family homes. It covers any damages to your condo, if you elect loss damage coverage. There are other features that these policies are known for. It can cover, for example, medical payments for your guest if they get injured in your condo. When required to temporarily vacate the premise, insurance policy can pay for the difference between your normal expense you incur living in a condo and your relocation expense.
- Condo insurance works just like homeowners insurance, and covers damages to your condo as well as covers repairs.
- Condo insurance can also cover guest medical payments in case someone gets injured in your condo.
- When it comes to condo insurance you can choose between all-in coverage, bare walls coverage or single entity coverage.
“Condo insurance works in conjunction with a policy purchased by the condominium complex’s management, typically called HOA insurance or a master policy.”