What is condo insurance?
A condo insurance policy covers any damages to your unit’s structure and your personal belongings caused by certain perils, such as fire or vandalism. You don’t have to own a house to protect the things you love – your condo is your home, and it deserves to be treated like one.
What does condo insurance cover?
When it comes to Allstate® condo insurance, you have your pick of several standard types of coverage that help protect you, your condo unit and your belongings. And if you want even more protection, you can buy additional, optional coverage.
Condo insurance helps pay for costs resulting from covered perils, which include:
Why do you need condo insurance?
You might think your association’s insurance covers your condo and belongings, but unfortunately, that’s not always the case. While the association's insurance does cover parts of the building’s structure, it generally doesn't include your personal belongings like furniture, clothes and electronics. But a condo policy will help you repair or replace those belongings if they're damaged by a covered peril, such as theft, fire, smoke and more.
Additionally, many lenders require you to purchase “walls-in” coverage to protect the inside of your unit and your belongings (typically written as an HO-6 form).
How much does condo insurance from Allstate cost?
The amount you pay for condo insurance depends on a number of factors, including the types of protection and coverage limits you choose. Tailor your policy to meet your needs – and suit your budget – when you get your quick and easy quote online.
How to compare condo insurance quotes
When gathering condo insurance quotes from multiple companies, you should remember to choose the same coverages, limits and deductibles for each quote to make an accurate comparison.
- Take a look at the types of coverage included in the standard policy and consider what other optional coverages you want to add.
- Be sure to think about your personal finances when selecting a limit, which is the maximum amount the insurer will pay for a covered claim.
- Some condo insurance coverages come with a deductible, which is the amount you'll pay out of pocket toward a claim. When choosing your deductible, be sure to think about how much you could comfortably afford to pay in the event of a claim.
Condo and townhome insurance FAQs
Many lenders may require you to purchase condo insurance. This policy is sometimes called "walls-in" coverage or HO-6 insurance. It helps cover the interior walls, fixtures and personal property within your condo. Allstate's condo insurance meets HO-6 requirements.
While condo insurance protects you from accidental and sudden losses, there are some losses that aren't covered:
- Appliance breakdowns
Most condo insurance doesn’t cover basic maintenance repairs. For example, if your water heater cracks, your coverage most likely will not help to replace the water heater (but it may help pay for damage to your floors). That's why it's a good idea to have all your heating, cooling and plumbing systems regularly serviced.
- Floods, earthquakes and water backup
Floods, earthquakes and water (sewer) backups are excluded from most condo insurance policies. If you want to purchase additional insurance to cover these events, talk to your Allstate agent or call 1-800-ALLSTATE.
- Certain valuables
In general, condo insurance policies cover your personal belongings up to a certain value. But some valuables, like expensive jewelry, furs and silverware may require additional protection to cover their full value.
Co-op insurance is very specific in that it helps protect only your personal belongings and the inside of your unit. It also offers liability protection for bodily injury or property damage to others.
An HO-6 policy is insurance for those who own a condo or co-op unit. It covers your unit and everything inside it, as well as provides liability coverage, loss of use coverage and more.
Despite the differences between the two styles of homes, the way they’re insured is generally the same. There isn’t a specific “townhouse insurance policy,” since your condo policy will usually cover either type of home. However, you may need to request governing documents to determine whether your townhome should be covered under a condo or home insurance policy. As a unit owner, you should have your individual policy, while the condo or homeowners association should have a master policy covering shared elements of the property, such as a roof, walls and walkways.
If you are renting a condo unit or a townhouse, you likely don't need to have a condo insurance policy. Your landlord should have a condo insurance policy that would help to repair or rebuild the unit after a covered peril, such as a fire. However, you may want to consider having a renters insurance policy to help protect your personal belongings.
Everyone wants to save money. One way you can do this is to raise your deductible. Another way is to see if you qualify for a discount if your condo is new or if you've made it safer by installing smoke alarms, fire extinguishers or a security system. Learn more about condo insurance discounts.