Is My Condo Association’s Insurance Enough?

If you own a condo, chances are you know that your condo association or HOA has its own insurance policy. You may wonder if that insurance is enough coverage for you. Parker Preferred Insurance specializes in condo insurance for the McKinney, TX area, and we’re here to tell you how these policies work, and why your association policy might not be enough to protect your personal assets.

What’s the difference between a condo association policy and individual liability insurance?

The insurance your HOA or association has will typically cover the building itself. This includes exterior building structures or common areas. We know this as a "master policy". It rarely covers interior, private units. This means that your belongings – anything inside your unit – do not fall under the policy’s coverage parameters. 

Condo insurance for individuals is a version of homeowner’s insurance that covers your belongings within your condo unit. This is also known as an HO6 policy. While the specific items covered can vary from policy to policy, condo insurance usually covers the contents of your condo and your liability for damages, such as when someone is injured inside your unit. In short, your condo association’s insurance covers everything outside your condo – you are generally responsible for the contents within.

The insurance you may need will depend on what is or is not covered by your HOA policy. This is where professionals can help. Parker Preferred Insurance can make sense of condo insurance and work with you to find the right policy for your needs. If you live in the McKinney, TX area, give us a call or use our quote tool to discover what our condo insurance policies can do for you.