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Condo Insurance vs Homeowners Insurance

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Updated: Nov 13, 2023
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Condo and homeowners insurance cater to different types of ownership. Homeowners are responsible for insuring their entire property, including the dwelling and other structures like a garage or a shed.

On the flip side, an HO-6 policy or condo insurance policy only covers the interior of your unit, such as your personal belongings, walls, flooring, ceiling and fixtures. In contrast, the exterior and common areas are covered by the homeowners/condominium association (HOA/COA) master policy.

Key Takeaways

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The main difference between condo and house insurance is the extent of the coverage — condo insurance only covers the interior, while home insurance covers the whole structure of the home.

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Condo insurance covers what is inside your unit — your fixtures, walls, floors, ceiling and personal belongings as your condo association’s master insurance covers the common areas and structural components.

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Homeowners insurance covers the entire home, including the physical structure — roof, garage, fence, shed and other parts of the property and also covers your interior and personal belongings.

What Are the Differences Between Condo Insurance and Home Insurance?

The primary distinction between condo and home insurance is the extent of coverage due to the different ownership structures. When you own a home, the insurance policy needs to cover everything — from the home's interior and your belongings to the exterior and other structures on your property. Whereas, with a condo, the policy only covers the unit's interior and your possessions.

Here’s a more detailed comparison between condo and home insurance:

Condo Insurance
Home Insurance

Dwelling Coverage

Covers only the interior of the condo unit — including floors, walls, ceiling, fixtures (bathtub/shower), furniture and personal belongings.

Covers the entire home — including the structure, interior and exterior, yard and the cost to rebuild it from the ground up.

Personal Property Coverage

Provides coverage for personal property against damage and theft within the condo unit.

Provides coverage for personal property against damage and theft throughout the entire property​.

Liability Coverage

Covers accidents occurring within the condo unit​.

Covers accidents occurring anywhere on the property, both inside and outside the home.

Coverage Limit

Coverage limit is primarily for the interior of the unit and personal property. The condo association's master policy covers the exterior and common areas.

Coverage limit encompasses the entire structure, other structures on the property, personal property and liability coverage.

How Dwelling Coverage Differs Between Condo and Home Insurance

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Condo Insurance. This only covers the interior of your unit or your personal belongings, fixtures, furniture, walls and flooring inside of your condo unit.

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Home Insurance. This covers the entire structure of your home from the ground up, meaning both the interior and exterior parts of the house.

In home insurance, dwelling coverage extends to the entire structure of your home, including the main building, attached structures like a garage, and sometimes outdoor structures such as a shed or fence. Because the cost of such structures is often high, most homeowners have higher dwelling coverage limits, allowing them to repair or rebuild the entire house in the event of damage or destruction.

Condo insurance, on the other hand, provides dwelling coverage for the interior of your unit, such as walls, floors, ceiling and built-in fixtures. The condominium complex's exterior structure and common areas are covered by your homeowner association (HOA) or condo association’s (COA) master policy. Condo insurance typically has lower dwelling coverage limits than home insurance, as it only covers the interior.

Both home and condo insurance policies offer dwelling coverage to protect against various perils, including fire, theft, windstorm, vandalism and more. Deductibles, policy limits and coverage options may be similar in both types of insurance but can vary based on individual policy terms.

Understanding these similarities and differences is crucial when choosing the right insurance policy to protect your dwelling and property.

Master Insurance Policies for Condos

The condo master insurance policy covers the building's exterior and shared areas and provides liability protection to all unit owners. The master policy usually comes in three different types:

  • All-inclusive coverage: this covers all the repairs inside the condominium complex in case of a covered peril. This includes the wiring, pipes, appliances, furniture and fixtures that the condo owner may have provided on the original structure.
  • Bare walls: this only covers the exterior framing of the building and does not include fixtures and appliances in common areas like the lobby, elevators, pools or fitness center.
  • Single entity: this covers all the common spaces and all the properties inside the complex, including certain elements inside each unit that the condo owner provided, except for each unit owner’s personal belongings.

Identifying what your HOA/COA’s master policy insurance covers is important to determine how much dwelling coverage you should get.

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Your condo’s master policy does not extend to your unit’s interior. Hence, your personal belongings or any improvements made within your unit are not covered by the master policy. To avoid over or under-insuring, carefully review the master policy to understand its limitations.

How Personal Property Coverage Differs Between Condo and Home Insurance

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Condo Insurance. This protects your personal belongings against theft or damage within your condo unit.

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Home Insurance. This protects your personal property and belongings against damage or theft throughout your entire property.

Both condo and homeowners insurance policies protect your personal belongings if they are stolen, damaged or lost due to covered perils.

Personal property coverage typically extends to all items within the insured dwelling in home insurance. This includes furniture, appliances and personal possessions.

Homeowners often have higher coverage limits for personal property, allowing for more comprehensive protection. For instance, if a fire damages your home, your home insurance will cover the cost to replace your damaged belongings.

Condo insurance also includes personal property coverage but only covers the belongings within the condo unit. It may have lower coverage limits for personal property as the master policy covers the building’s structure, wirings, pipes and common areas. For example, if a water leak damages your appliances inside your unit, your insurance will help replace or repair those.

In summary, personal property coverage is a crucial aspect of both home and condo insurance policies, but they differ in terms of the extent of coverage and how they match the unique needs of homeowners and condo unit owners.

How Liability Coverage Differs Between Condo and Home Insurance

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Condo Insurance. This covers your expenses if an accident occurs within your condo unit and you are found liable.

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Home Insurance. This covers accidents that occur inside or outside of your home if you are found liable for bodily injury or property damage.

Liability coverage, in general, is a crucial component of insurance policies that protects policyholders against financial responsibility for bodily injuries or property damage they may be legally liable for.

In home insurance, liability coverage typically shields you from legal claims arising from accidents or injuries on your property. A liability policy will protect you if a guest slips and falls inside your house and sues you for medical or legal expenses. It can also cover incidents in your garage or yard, like a dog bite incident.

Condo insurance primarily addresses personal liability within the condo unit only. For example, if someone gets injured inside of your unit’s bedroom and they sue you, your liability coverage will cover your legal expenses.

If it happens outside your unit but within the common areas of the complex, such as the hallway or the lobby, the master policy should cover it. Condo owners may also require additional coverage known as "loss assessment" to protect against shared liability for damage to common areas or lawsuits involving the condo association.

Both home and condo insurance policies aim to protect policyholders from potential legal and financial consequences resulting from injuries or property damage for which they are found liable. They provide peace of mind by offering coverage for legal defense costs, medical expenses and settlements in liability claims.


Understanding the differences between home and condo insurance can be challenging. MoneyGeek’s frequently asked questions can help provide clarification on the subject.

About Mark Fitzpatrick

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Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark earned a master’s degree in Economics and International Relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.