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Condo Insurance by Innovative Insurance Services, LLC

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Condo Insurance

Condo Insurance provided by Innovative Insurance Services, LLC

The master condo policy typically protects only the shell of your unit, leaving your personal property and the unit interior at risk. We’ll make sure you understand your bylaws and have the protection you need.

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Personal property Coverage

Risk Factors

Your personal property which includes furniture, clothes and other collectibles are also exposed to risk which can cause a great loss.


Personal property coverage protects your belongings that aren’t fixtures in your home. This includes clothes, furniture, portable appliances and other possessions that aren’t affixed to your unit. As with building property coverage, you will only be able to file a personal property claim if the episode is a covered event, and coverage will only extend up to your policy’s limits.

Building property Coverage

Risk Factors

An appliance hose breaks, causing $5,000 in damage to the kitchen floor and the Homeowners Association insurance has a $10,000 deductible.


Homeowners Association Insurance policies do not cover losses that fall under the policy deductible.  Dwelling or Building coverage on your Condo (HO6) policy will kick in to cover those losses up to the policy limit.

Additional living expenses Coverage

Risk Factors

In case your condo catches fire, you are bound to stay in hotel till your condo is back to normal and pay for hotel accommodation from your own pockets.


Additional living expenses (ALE) also known as loss of use helps pay for extra living expenses such as lodging, meals, laundry and pet boarding if you cannot live in your condo because of a problem covered by the policy (such as a fire).

Loss Assessment Coverage

Risk Factors

A hailstorm damages the roofs on all buildings that are part of the association.  The association assesses all unit owners $5,000 to cover the cost of replacement of the roofs.


Because you share in the responsibility with the other unit owners for the building and common areas, that means that if there is a special assessment (an added fee that is on top of your monthly condo fees) levied on your building, all the condo owners must split the cost of the assessment.  If you have Loss Assessment coverage on your individual policy, it will pay to cover these assessments up to the policy limit.

Guest Medical Coverage

Risk Factors

There may be a possibility that a guest arrives at your house and gets himself injured unknowingly. You are liable to pay for his medical expenses.


If a guest is injured at your home, guest medical coverage may help pay for related medical expenses even if you are not at fault.

What is Condo Insurance?

Condo insurance is coverage that helps protect against losses and repair costs for a condominium unit. Condo insurance often provides protection for theft, vandalism, fire damage, water damage, and more.

Why do I need Condo Insurance?

Even if your homeowners association has their own coverage, individual unit owners still need their own Condo Policy (HO6). The Association’s insurance covers the exterior of the building, commonly owned property, and liability insurance for the association. 

Unfortunately, the association’s insurance policy won’t cover you or your personal property.  An HO6 policy will cover you for things like theft, water damage, or someone injuring themselves slipping on your wet kitchen floor.’

What does a Condo Insurance policy cover?

The articles of the condominium association and state law determine exactly what’s covered under the association’s master insurance policy.

In most cases the association’s coverage stops after the exterior walls meaning that you are responsible for the interior walls and possibly for fixtures, as well as your personal property and liability. This is where your own personal condo policy would come in. Most policies will include coverage for losses arising from:

  • Fire or lightning
  • Smoke
  • Vandalism or Malicious Mischief
  • Theft
  • Accidental Discharge of Water
When it comes to insurance for your condo unit, you should make sure you have the coverage that fits your needs. We can help you tailor a condo insurance policy that’s right for you, contact us today !

Already have Condo Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.

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