The Ins and Outs of Condo Insurance

Purchasing insurance for your condominium is similar to standard homeowner’s insurance with one major exception:  most condo associations will utilize a portion of your monthly HOA fees to secure insurance coverage for the exterior of the building.  This typically leaves the homeowner responsible for an additional policy that covers everything from the “bare-walls-in”.

They key to ensuring you have the right amount of coverage is to start by asking for a copy of the MASTER POLICY from the builder or HOA to analyze what is and is not covered. Here are a few important things to consider in your analysis:

Variables in what the master policy envelopes in the “exterior”.  Some variables include:

Windows             Cabinetry           Plumbing          Doors                   Insulation           Garage Doors

Review loss assessment clauses to identify whether the HOA assigns part of the deductible to the resident in the instance of a claim or the instance in which the loss exceeds the coverage. (Leaving the resident to pay the leftover.)

Finally, you must secure insurance for your personal belongings, personal liability, guest medical, and any other (optional) endorsements as none of these will be covered by the master policy.

If you are getting ready to purchase or refinance your condo, give us a call at 317.272.0800 or email us at We can review your policy and shop out your policy to multiple companies to ensure you are getting the right coverage at the best rate possible. (And we can typically respond within a few hours!)