How Much Condo Insurance Do I Need
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How Much Condo Insurance Do I Need?

Condo insurance is different than homeowners insurance because of HOA regulations and policies. If your HOA’s policy is for ‘walls studs in’ or ‘bare walls’, you may need additional HO6 insurance.

The condo owner must decide how much coverage is needed to protect their interior features and belongings such as fixtures, kitchen cabinets, and wood floors. Make a list of the items in the interior of your condo, including electronics, clothing, furniture, and expensive artwork. says, “One good estimation is to assume $40,000 in personal property for the first 1,000 square feet of your condo and then add $5,000 for each additional 500 square feet.”

You may want to learn more about an umbrella policy if your total assets reach higher than $500,000.

Loss assessment coverage is also good to look into as it can protect you if someone gets injured inside the condo or if part of the condo’s exterior is seriously damaged. Loss assessment coverage is also good for condo owners with high deductibles (up to $50,000) and items not covered by their HOA policy, like a dividing board or pool slide.

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