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Home Insurance in Hobart, Oneonta, Walton, Delhi, NY & Nearby Cities

April 1, 2025

Things to Know About Home Insurance Policies for Condos

Owning a condo requires a different type of home insurance policy compared to a single-family home. Robert O. Mable Agency provides home insurance in Hobart, Oneonta, Walton, Margaretville, NY, Andes, NY, Delhi, NY and surrounding areas.

Below are key aspects to consider when purchasing condo insurance:Hobart, Oneonta, Walton, Margaretville, NY, Andes, NY, Delhi, NY

  1. Understand the Master Policy

Your condo association typically has a master insurance policy that covers common areas like hallways, elevators, and the building’s exterior. There are two main types:

Bare-Walls Coverage – Covers only the structure, leaving unit owners responsible for interiors.

All-Inclusive Coverage – Covers interior structures, such as built-in appliances and fixtures.

  1. Personal Property Protection

Your condo insurance (HO-6 policy) should include coverage for personal belongings such as furniture, electronics, and clothing in case of theft, fire, or other covered events.

  1. Liability Coverage

This protects you if someone is injured inside your condo or if you accidentally cause damage to another unit. Standard policies usually offer at least $100,000 in liability coverage, but higher limits are advisable.

  1. Loss Assessment Coverage

If the condo association levies a special assessment for damages beyond the master policy, loss assessment coverage helps cover your share

  1. Additional Living Expenses (ALE)

If your condo becomes uninhabitable due to a covered disaster, ALE covers temporary housing and other necessary expenses.

  1. Coverage for Upgrades

Any improvements you make, such as upgraded flooring or custom cabinetry, may not be covered by the master policy. Ensure your policy includes coverage for upgrades.

  1. Consider Flood or Earthquake Insurance

Standard condo insurance doesn’t cover floods or earthquakes. If you live in a high-risk area, consider purchasing separate policies.

Always review your condo association’s master policy to determine the right level of coverage for your needs.

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