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What does condo insurance cover

Owning a condo is a little different than owning a freestanding house. While you own your unit, the exterior is maintained and insured by the HOA with a master policy. It covers things like your siding and roof and the common areas you share with other owners. This puts less liability on you but exactly how much can differ from HOA to HOA. Before getting your condo insurance, familiarize yourself with the coverage provided by the master policy. At Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC, we offer service to our customers in both English and Spanish, and our experienced team always puts your needs first. 


While condo insurance doesn’t cover the exterior of the building, it does cover fixtures on the inside, such as kitchen cabinets, built-in bookcases, bathroom fixtures, lighting, and permanent flooring. When figuring the amount of insurance you need to cover these, any upgrades you have made from builders grade should be considered. 


Everyone has a lot more content than they realize. Imagine if you had to replace everything you own. When it comes to content coverage, you have two options replacement cost or actual value. Replacement cost is more expensive, but it will actually give you the money you would need to replace something you had at today’s price, not at its depreciated price. 

Loss of use

If a covered peril damages your condo, you may not be able to live in it. While it is being repaired, you will need a place to stay. Loss of use coverage will allow you to go to a hotel and then a rental for an extended stay. It can make a big difference so check your policy for the amount and limits of this coverage. 

Contact Hausmann Insurance & Financial Services in Charlotte and Waxhaw, NC if you have condo insurance needs or questions.