Condo and townhome insurance for Washington, Oregon, and California state

Condo and Townhome Insurance

As a condominium owner, you want to make sure you, your home and your possessions are protected against the unexpected. Since your Condominium Association’s Insurance policy (Homeowner's Association Master Policy) mainly covers the common areas and the building, you want to make sure your condo policy provides coverage where the association’s policy does not. Most personal condo policies offer standard coverage and/or optional coverages to fill those needs.

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HOA Master Policy and your Personal Condo/Townhome Insurance policy

Homeowner's Association

Condo ownership differs from home ownership in several ways. Homeowners need one policy to be insured for the structure on the land, while condo owners essentially pay for two types of insurance policies. The master policy is for the whole building, which is paid for collectively by the owners through dues. Additionally, owners are typically responsible for covering the individual unit and personal belongings. Each association is different in what is covered by the master policy, so it’s imperative to be familiar with your association’s bylaws and insurance coverages.

There are a couple of key considerations to make before determining your personal condo coverage amount. First and foremost, you’ll need to refer to your homeowner association rules and master insurance policy to find out what is already covered. You want to make sure you’re not under-insured or duplicating coverages. Secondly, know how much the master policy’s deductible is. You’ll want to be aware of how much you could be responsible for should the building suffer a loss. Of course, you’ll be sharing the expense with the other owners, but for your own financial well-being, it’s good to be prepared for any of life’s setbacks.

How much coverage do you need?

A condominium policy for your home will provide coverage for the interior of your unit, your personal property, and liability coverage as well as additional living expenses in case you need temporary housing for a covered loss. These limits can be personalized and adjusted according to your needs.

Your personal condo or townhome policy should include enough coverage to replace your personal belongings and other interior property and fixtures, such as cabinetry, flooring, or kitchen appliances. The policy will also provide liability coverage as well as additional living expenses in case you need temporary housing for a covered loss.

Again, check your association’s appropriate documentation to see the exact coverages that your master policy includes to help find the right coverage for your personal condo or townhome policy.

Below are typical and additional coverages that are available for personal condominium policies:

What does personal condo insurance cover?

Standard Coverages

  • Interior coverage of condo
  • Personal property
  • Additional living expense (in the event of a covered loss)
  • Personal liability

Additional Coverages (options)

  • Valuable articles/scheduled personal property coverage (i.e., jewelry insurance)
  • Loss assessment
  • Earthquake coverage
  • Water/sewer backup coverage
  • Pet liability (additional liability for household pets)

Get a Free Condo or Townhome Insurance Quote

If you live in one of the great states of California, Oregon, or Washington, we’re happy to answer questions you may have about your condo insurance needs. We’re appointed with top insurance carriers, which means that we give you options in terms of tailored coverages and price. Be sure to ask us if bundling (combining your condo or townhome and auto insurance with the same company) is right for you. In most cases, whether you bundle or not, we can save you money.

To get started on a quote for your condo, give us a call (888) 310-1027 or fill out the form below to send us your contact information.

Contact Salmon Bay Insurance Agency

We welcome your email inquiry or call us at (888) 310-1027.