If you are living in a condo, your insurance will be slightly different than if you lived in a home. It is more closely related to renters insurance, as condo insurance only covers the interior of the condo and your personal belongings.

Coverage Under Condo Insurance

Condo insurance covers three main areas:

• Personal Belongings coverage provides compensation for personal items that are lost or damaged due to fire, lightning, smoke, wind, hail, theft or vandalism.

• Liability insurance covers bodily injury and property damage someone else may suffer while visiting your home. This coverage can help with their medical expenses and protect you in case of a lawsuit.

• Additional Living Expenses cover the costs related to temporarily moving while the condo is being repaired or rebuilt after a disaster.

Unlike a home insurance policy, condo insurance does not cover the outside of the condo or its property. Instead, the owner of the condo should provide coverage for damages to the physical building itself.

The condo association should have a master condo insurance policy. This policy covers damages to the building in either an all-in or walls-in policy. An all-in policy covers items inside a building, such as fixtures, flooring and appliances. A walls-in policy does not cover these inside fixtures.

This doesn’t mean the condo owner can’t seek compensation, however. For example, say you accidentally start a fire and damage several cabinets in your condo’s kitchen. This should be covered under your landlord’s insurance, but they may still seek compensation from you for the price of their deductible and having to file a claim.

What Does Condo Insurance Not Cover?

As with other policies, condo renters insurance doesn’t cover everything. Flood damage and earthquakes are often excluded from these policies. There is also limited coverage for expensive items such as electronics, jewelry, art and furs. You can purchase additional policy floaters to cover these items, however.

How Much is Renters Insurance for a Condo?

In general, renters insurance is around $15 a month. This varies depending on your location, your claims history, your credit score and other factors. Be sure to check with your condominium association to determine what type of policy they have and what is covered under their policy. While condo insurance isn’t required legally, many landlords and associations will require tenants to carry their own personal condo insurance policy to protect their belongings and others.