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Everything You Need to Know About Condo Insurance

So, you’re in your new condo, and suddenly doors are jammed, roofs are broken, and window glass is broken. If you’re wondering who will cover these problems, you might be learning about condo insurance 101.

What is Condo Insurance?

Condo insurance is commonly known as ‘walls in policy’ because most condo owners think an association is covering, but it’s not.


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It is a condo insurance policy that doesn’t cover what happens within your walls. It does not cover your carpeting, countertops, drywall, flooring, and appliances.

Who does Condo insurance cover?

Condo insurance covers what happens inside your unit. Damage from the interior walls, fire and explosion damage, and personal properties of the owner such as furniture and appliances. There are two types of Condo insurance, replacement cost, and cash value. The first one tackles the coverage of the insured items minus the depreciation, whereas the replacement cost covers how much it will cost to replace the damaged item.

For example, if your washing machine was stolen within your condo unit, the insurance company will write a check on how much your washing machine cost during its purchase and its value during the time it was stolen. For the replacement cost coverage, it will write a check on how much your washing machine is at the moment.

Cash value is a more viable option if your item is new, whereas replacement cost coverage is better if your items are old or their value depreciated.

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