How is condo insurance different from home insurance?

Buying a condo is a lot like the purchase of a house. You are responsible for a mortgage, you are provided shelter, and your belongings are safe and protected there. However, there are several significant differences between condo insurance and home insurance. Armor Insurance Group, serving Virginia Beach, VA, wants to help you to explore your options.

Coverage of the Building and other Structures

When you insure a house, you have to obtain a policy broad enough to rebuild the entire house if necessary, and any other structures on the property, like fences, carports, or sheds. If you live in a condo, you probably share the space with other people. You only need to insure the inside part of your condo, because everything that is shared will be covered by the Homeowners’ Association insurance policy. This policy will be outlined in the bylaws of the HOA. A covered property will include exterior walls, the roof, parking lot, clubhouse, and even elevators that are part of your Homeowners’ Association. 


A regular homeowner’s insurance policy will help protect against liability, like when someone walking on the sidewalk might slip and fall. Because the HOA is responsible for that part of the property, they will be the ones held liable for any accident that occurs, with few exceptions.

Damages not Covered

It is important to read the policy regarding what is covered and what is not covered by your HOA. For example, most HOAs are not required to have flood insurance. If you incur damages as the result of a flood and do not have flood coverage, you may not be able to recover your losses.

Contact Armor Insurance Group serving Virginia Beach, VA for more information on condo insurance. Our agents can help answer your questions and get you started.