Homeowners insurance provides peace of mind and coverage to those who have a house, but what if you own a condo or co-op? While the building’s coverage protects against some damage caused by fire, flood, or serious storms, what about your own property? Below are answers to some common insurance questions condo and co-op owners might have.

4 FAQs About Condo Insurance

Am I Covered Under the Building’s Insurance?

Your condo or co-op association likely has an insurance policy to pay for damages, but it only covers damage to the structure itself. To cover your jewelry, artwork, electronics, and other personal belongings, you’ll need a separate policy.

What Does Condo Insurance Protect Against?

A condo insurance policy protects against a broad range of perils, including fire, volcanic activity, and cyclones. In addition to natural disasters, human activities like theft and vandalism are also covered.

Does It Include Liability Coverage?

If someone is injured in your condo or someone in your family causes an accident, you could be held legally liable for any damages. Like homeowner’s insurance, the standard condo policy includes liability coverage that will cover the cost of any valid claims, as well as your legal expenses.

Is Condo Insurance Expensive?

Many condo and co-op owners assume that coverage is more than they can afford. However, most people can get the coverage they need for just a few hundred dollars per year. Compared to the cost of replacing everything you own, condo insurance is a fantastic investment.
 

When you buy co-op or condo insurance from Mutual Underwriters, you’re buying a promise that they will protect the things that matter most to you. Since 1958, they’ve provided reliable coverage to condo owners throughout the islands, so visit their website to find your nearest location. You can also call (808) 532-2888 to reach their main office in Honolulu, and follow their Facebook for more insurance tips and advice.